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Argued: December 19, 2008

Before: SACK and KATZMANN, Circuit Judges.*fn2

Precision Stone Incorporated, a New York corporation, (“Precision”) provided materials for and performed work on a construction project in White Plains, New York, pursuant to a subcontracting agreement with George A. Fuller Company and its construction manager HRH Construction LLC (together, “Fuller”). According to Precision, Fuller paid only a portion of the amount due to Precision for the work. Precision brought this action in an attempt to recover full payment for the work it performed from the defendants-appellants Arch Insurance Company and Lumbermens Mutual Casualty Company (together, the “Sureties”), two insurance companies that had issued a labor and materials payment bond in connection with the project. Following a bench trial, the district court found that, under the terms of the bond, Precision had timely commenced its action and was entitled to damages. The court reduced Precision’s award, however, by the full amount of payments made by Fuller to Berardi Stone (“Berardi”), a third-party subcontractor that had been engaged by Fuller to complete work that had been within the original scope of Precision’s subcontract.

 
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