Opinion ID: 6497766
Heading Depth: 2
Heading Rank: 2

Heading: The Performance Bond

Text: Soon after the initial purchase order, Allegheny Casualty Company issued a bond for $704,382, guaranteeing Fiber-Span’s performance (the “Bond”). It was never changed to reflect the amended and lower price. The Bond included a two-year limitations period, requiring that “[a]ny suit … be of dust or liquids.” IP Ratings, Int’l Electrotechnical Comm’n, https://www.iec.ch/ip-ratings (last visited Jan. 5, 2022). “IP66” is rated as “Dust tight” and “Protected against powerful water jets[.]” Id. 7 instituted [by Transit] before the expiration of two (2) years from the date on which final payment under the [Purchase Agreement] falls due.” (J.A. at 162.)