1. A Surety has provided a performance bond to the Owner, guaranteeing performance of the Contractor. The Contractor has been paid $400,000 on a $1,000,000 contract, but has completed 50% of the work, and is in default. Bids are solicited and the lowest acceptable bid is $550,000 to complete. How much money will the indemnitors have to reimburse the surety? 1. A Surety has provided a performance bond to the Owner, guaranteeing performance of the Contractor. The Contractor has been paid $400,000 on a $1,000,000 contract, but has completed 50% of the work, and is in default. Bids are solicited and the lowest acceptable bid is $550,000 to complete. How much money will the indemnitors have to reimburse the surety