Ferrante Equipment Co. v. Lasker-Goldman Corp.

Defendant Lasker-G-oldman Corporation (hereinafter referred to as Lasker) was the general contractor for the construction of buildings at New Paltz State College. Defendant Commercial Union Insurance Company, as surety, guaranteed the performance of Lasker’s contract and payment to suppliers of labor and material. Lasker subcontracted demolition, site and excavation work to third-party defendant Anchor Construction Co., Inc. (hereinafter referred to as Anchor) and required a performance bond.

Although no bond was obtained at the execution of the contract, Anchor was allowed to begin…