UNITED BONDING INSURANCE COMPANY, AN INDIANA CORPORATION, GENERAL SURETY UNDERWRITERS, INC., A FLORIDA CORPORATION AND STEWART R. POLLOCK, APPELLANTS,
v.
KENYON C. CRUM AND S. NORMAN ROSENDALE, D/B/A CRUM CONSTRUCTION, APPELLEES
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The court held that while the merits of the appeal were without reversible error, the trial court erred in calculating the award of interest.
Appellees were low bidders on a federal project but their bid was rejected due to a defective bid-bond issued by appellant. Appellees recovered judgme…
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Appellees were low bidders on a federal construction project. Their bid was rejected because of a defective and deficient “bid-bond” issued by appellant bonding company through its agent, appellant Pollock. Appellees recovered judgment in the court below for loss of profits suffered on account of the wrongful acts of the appellants in furnishing the aforesaid insufficient bond, and the trial court awarded interest on the amount found due from and after the date of the bid opening.
We find no reversible error on the merits of the appeal. However, we think the trial court erred in its computation of the award of interest. Having found an amount due the plaintiffs for loss of profits, interest should have been computed from and after the date upon which payment (i. e., the realized profits) would have been payable. This could not have been on the day the bids were opened. Rather, it would have been after the job was completed, or should have been completed, pursuant to the terms of the contract and the date upon which under the terms of the contract payment was due.
Accordingly, the judgment appealed from should be, and it is hereby, affirmed except that the award of interest is reversed and set aside. The cause is remanded for further proceedings not inconsistent herewith and relating to a proper award of interest.
Affirmed in part, reversed in part.
PIERCE, Acting C. J., and MANN and McNULTY, JJ., concur.
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Tech Corp. v. The Permutit Co., 321 So. 2d 562 (Fla. 4th DCA 1975)…that damages were due as of a date certain, we believe the allowance of interest from that date is supported by English And American Ins. Co. v. Swain Groves, Fla.App. 1969, 218 So. 2d 453, and United Bonding Insurance Company v. Crum, Fla.App.1970, 239 So. 2d 600. In the Swain Groves case this court stated: “In actions ex contractu it is proper to allow interest at the legal rate from the date the debt was due. The fact that there is an honest and bona fide dispute [*564] as to whether the debt is actually…
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United Bonding Ins. Co. v. Kenyon C. Crum and S. Norman Rosedale, 242 So. 2d 462 (Fla. 1970)…Certiorari denied. 239 So. 2d 600. ROBERTS, Acting C. J., and DREW, CARLTON, ADKINS and BOYD, JJ., concur.…