What legal condition must be present for a surety to act

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Reference no: EM13246978

What legal condition must be present for a Surety to act? There are 6 courses of action that he can take (see slide 102). Assume the contract in question is to repave the Founder's Lot at UOIT; Pave-M-Good (PMG) being the contractor and UOIT being the owner. The contract is for $200K, work to be done in the first week of August, using Prime I asphalt (top grade, to be certified by Engineer Ernie, along with all other engineering aspects of the project). Give a concrete example of unfortunate steps by the owner and/or the contractor that would cause the Surety to execute that action, for each of the 6 actions.

Reference no: EM13246978

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