[DOWNLOAD] "State v. Fidelity And Deposit Company of Maryland" by In the Supreme Court of Texas # Book PDF Kindle ePub Free
eBook details
- Title: State v. Fidelity And Deposit Company of Maryland
- Author : In the Supreme Court of Texas
- Release Date : January 04, 2007
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 69 KB
Description
In 1999, Sedona Contracting, Inc., contracted to build a research and technology center for the Texas Department of Transportation ("TxDOT") and purchased an $11.02 million performance bond with sureties Fidelity & Deposit Co. and Colonial American Casualty & Surety Co. (collectively "Fidelity"). When Sedona defaulted, TxDOT demanded that Fidelity perform under the bond. Fidelity executed a "Takeover Agreement" with TxDOT and hired Faulkner Construction to complete the job. While Faulkner finished the project, cost-related disputes arose between Fidelity and TxDOT, with Fidelity asserting multiple claims for additional money through TxDOTs administrative dispute-resolution system. Before Fidelity pursued this administrative process, TxDOT sued Fidelity, claiming that Fidelity had failed to perform under its performance bond and that Sedonas default had inflicted economic losses on the State. Fidelity counterclaimed, arguing that TxDOT, not Sedona, defaulted on the original contract and the subsequent Takeover Agreement.
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