This is a very complex question, especially in NY given the lien laws. One would surmise that if there are judgments against the company, there are what are called "3-A liens" as well. As such, there may be no surety protection, but that will depend on the language in the bond documents.
I work with others who know this area well and handle NY matters. If I can assist, let me know.
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You need to provide a lot more information to be able to answer this question. However, in general the construction principal will need to review the terms of the agreement with the surety. It will likely contain a section on what constitutes a default and you will need to see if a judgment against the principal (who almost certainly is personally guaranteeing the bond) is a default. For future bonds, the judgment against the principal will likely be a significant issue as it goes to credit worthiness.
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I'm licensed in California and agree with counsel. To give you a comprehensive answer, a lawyer would have to review the paperwork involved and advise you as to how to proceed and your best course of action.
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