Decided: October 8, 1976.
STEVLEE FACTORS, INC., A CORPORATION, PLAINTIFF-APPELLANT,
THE STATE OF NEW JERSEY, UNITED STATES FIDELITY AND GUARANTY COMPANY AND RELIANCE INSURANCE COMPANY, DEFENDANTS-RESPONDENTS
On appeal from the Superior Court, Chancery Division, Passaic County, reported at 136 N.J. Super. 461 (1975).
Matthews, Seidman and Horn.
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We affirm the judgment of the Chancery Division substantially for the reasons expressed by Judge Ciolino in his opinion which is reported at 136 N.J. Super. 461.
It should be emphasized that the surety in each case under the terms of its obligation was only bound to pay those
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amounts in excess of the contract price which the State was required to pay as a result of Dean's defaults. The retainage held by the State in each instance was part of the contract price.