Plaintiffs, Port Ewen Sewer District and the Town of Esopus, entered into a contract with defendant Ayvee Construction Company, Inc., in December 1977 for the construction of a sewer collection system. Defendant Continental Casualty Company issued a performance bond as surety for Ayvee to guarantee Ayvee's performance of the contract. The performance bond contained the following limiting provisions: "Any suit under this bond must be instituted...
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