The Surety`s Indemnity Agreement Law And Practice

11. Oktober 2021

The Tribunal also rejected Cagle`s position that the guarantor had paid too much to complete the work, because the GAI provides that in the event of payment by security, „[cagle] agrees to accept the voucher or any other evidence of such payment as proof of first intent of the accuracy of that payment and [Cagles] of its liability to [Gulf].“ The Court held that the statement of the costs of the surety was sufficient to justify a right to compensation, unless Cagle could prove either bad faith on the part of the guarantor or direct proof that the guarantor had not actually borne the costs, even if the work could have been completed at a lower cost. . . .

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