Crouse v. . Stanley

Did the failure of the plaintiff to preserve and hold the retained percentage release the defendant surety from any and all obligation upon' its bond ?

Tbe legal status of retained percentage in contracts of the kind involved in this controversy has been thus declared in Insurance Co. v. Durham County, 190 N. C., 58, 128 S. E., 469: “The contract provision that 85 per cent of the value of labor and material used during the previous month, as estimated by the architect, shall be paid by the owner to the contractor at the dates specified during the progress of the work creates in the 15 per cent…