Yes, each insurance company has its own GIA. In fact, some insurance companies have multiple GIA forms that can be used to get compensation from you or your business. The most popular GIA is what is called a short-term compensation agreement. These are used for bonds with a relatively low risk, both in terms of the amount of the loan and the type of risk. They are usually less than a page long and cover the basics that the surety company wants to guarantee. The second form of GIA is what is called a long-form compensation agreement. These agreements are used for larger bond amounts and often with clients who need multiple collateral. The long-form GIA usually consists of several pages of information regulating the relationship between the warranty company and the customer. In this case, Cagle Construction, a general contractor, commissioned the Georgia Department of Defense (“GDoD”) to perform work on four separate projects. Cagle Construction and its members (together “Cagle”) conducted an GAI in favour of the guarantee, which partially stated that Cagle had not considered that the guarantee was entitled to a refund for at least three reasons. First, Cagle argued that Cagle Construction was never in default with GDoD`s construction agreement. Second, Cagle argued that the amount paid by the guarantor for the completion of the work was inappropriate.
Third, Cagle argued that the surety had not brought his action within one year of the substantial completion necessary to qualify for an obligation to pay for public works under Georgian law.