In December 1989 defendant executed as surety a $5,497,000 labor and materials payment bond on behalf of its principal, BIB Construction Company, Inc. (hereinafter BIB), the general contractor on a construction project in the City of Poughkeepsie, Dutchess County, for renovation of its City Hall building. Plaintiff was a concrete supplier for Jonel Associates, Ltd., the masonry contractor on the...
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