Fairbanks

On August 22, 1927, the Crump Irrigation and Supply Company, Inc., hereinafter referred to as “the contractor,” contracted in writing with plaintiff and respondent Douglas Fairbanks to perform and provide the labor and materials and carry out the work of constructing for Fairbanks on a ranch belonging to him in San Diego County an overhead horticultural sprinkling system, for the total contract price of $26,000, of which $5,000 was payable on the completion, according to the specifications, of the ditching, besides which, on the first day of each month while the work was in progress, the contractor was to be paid eighty-five per cent of the value of the material and labor furnished during the previous calendar month, as estimated by Fairbanks’ engineer. The contract contained a clause to the effect that “party of the second part (the contractor) may assign any or all moneys due under this contract upon written consent of the party of the first part (Fairbanks).” The final payment embracing all sums due under the contract and not previously paid was to be made to the contractor within ten. days from the date of completion of the work. The bond required of the contractor for…