Massachusetts Bonding & Insurance v. Realty Trust Co.

The Realty Trust Company contracted with H. L. Stevens to construct an office and theatre building in the city of Atlanta. By the terms of the contract Stevens was to furnish all labor and material and to construct the building in conformity with the plans and specifications of an architect, at actual cost plus ten per cent., with a guaranty that the cost of the work should not exceed $160,000, exclusive of his commissions and of certain extras referred to in the contract. The contract stipulated that Stevens was to be “paid for the execution of the work covered by this contract, and such…