So iModStructures.com went bankrupt on me while owing $89,xxx from work I had purchase order's from them to perform. Back in May 2021 they sent out a letter stating they did not have sufficient funds to remain operating, so I filed a claim on the bond for the project (CSUMA). In August 2021 after months of delaying things, the bond company sent a denial letter to EVERYONE who filed a claim on the bond. I know in CA the bond statutes are a lot more strict, I am suing them currently and feel like the bond company should be liable for all added incurred cost's. Anyone know more about this?
Bond denials are not uncommon. The key is the reason for the denial, the type of bond (payment and performance?), the bond's langauge, and your contract or puchase order with iModStructures. This is something that a construciton attorney can help you with--at least to explain your options or some case strategy.