Fausett Builders, Inc. v. Globe Indemnity Co.

In the contract between the contractor and the property owner, the contractor agreed to file with the owner a “performance bond” guaranteeing the performance of the contract. Pursuant to this agreement the contractor furnished the Globe Indemnity Company’s “contract bond” in the penal sum of $4,071.30. The bond provides as follows: “Now, therefore, the condition of the above obligation is such, that if the above bounded Principal shall well and truly keep, do and perform, each and every, all and singular, the matters and things in said contract set forth and specified to be by the said…