Young v. General Insurance Co. of America

This is a suit on a performance bond issued by the defendant, General Insurance Company of America, in connection with the construction of a building. The construction contract entered into on March 3, 1964, between plaintiff’s predecessor, Skokie Valley Medical Center Building, Inc. (hereafter SVMCB) and Transco, Inc., a contractor, obligated Transco to construct a building on land owned by SVMCB. It provided that the construction work be performed in accordance with general conditions and specifications prepared by architects and engineers employed by SVMCB, and that Transco was to receive…