I'm a General Contractor and am currently involved in several large projects on long Island. I sgned a contract and left a security deposit of 10% or 61K. If I default or get thrown off the job the contract states they can keep my security deposit to finish the job. And if the job cost's more than my security deposit to complete they can go after the contractor for the difference. My question is this. My company is an S corp in New York State. If I default can I become personally liable.