What We Know
Archive by Month: November 2014
Takeover Agreements and Bonds
Posted in Articles by on Sat Nov 22, 2014
Is it time to revise your form takeover agreement? In Allegheny Casualty Co. v. Archer-Western/DeMaria Joint Venture III, 2014 WL 4162787 (M.D. Fla. August 21, 2014), the United States District Court for the Middle District of Florida rejected non-binding authority that “when a surety elects to directly undertake performance of a principal’s obligations, the surety’s liability is no longer limited by the amount of the bond.”
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Posted in Articles by on Sat Nov 22, 2014
Beware that some courts may compel arbitration of a surety’s salvage claims against its principal and indemnitors even if the general agreement of indemnity (the “GAI”) does not include an arbitration provision.
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