Boucher & Slack Contractors, Inc. v. McLean

MARVIN, Judge.

In Boucher & Slack Contractors, Inc. v. McLean, 382 So.2d 1030 (La.App.2d Cir. 1980), writ recalled, 391 So.2d 840 (La.1980), we upheld the right of the defendant, owner of an apartment complex, to exercise against the plaintiff, contractor for the complex, a letter of credit executed by the contractor in lieu of a performance bond for the contract. The owner’s exercise of the draw under the letter of credit was founded upon the owner’s supporting affidavit that $440,000 was owed in damages because the contractor failed to complete the contract with due and reasonable diligence,…