10-Doc 00 45 53 - AGREEMENT OF SURETY COMPANY.pdf
PDF 130 KB Posted
- Attached to
- 2026 Bristol Borough CDBG Curb Ramp Program
- Solicitation number
- Not on record
- Issued by
- Bucks County, Brodheadsville CDP, Pennsylvania
About this file
This is a Surety Company Agreement form for Bristol Borough, Pennsylvania, related to Contract 2026-00117, the Bristol Borough 2026 CDBG Design/Build Curb Ramp Project. The agreement obligates the surety company to execute and deliver both a Performance Bond and a Payment Bond, each in an amount equal to 100% of the contract award amount, to Bristol Borough at 250 Pond Street, Bristol, PA 19007. The bonds must be provided within the timeframe specified in the Contract Documents, contingent upon the contract being awarded to the bidder within sixty (60) days after bid opening or as otherwise set forth in the Instructions to Bidders. The project involves the design and construction of ADA/PennDOT compliant curb ramps with associated sidewalks, curbing, and sign relocation/installation throughout Bristol Borough, with all work to comply with PennDOT Publication 408 and Borough Standards.
The agreement includes a financial penalty provision requiring the surety company to pay Bristol Borough the difference between the bidder's proposal amount and any higher cost incurred by the Borough to procure the work if the surety fails to execute the required bonds after award notification, less any forfeiture of proposal security. The surety company must be a corporation authorized to conduct business in the Commonwealth of Pennsylvania. Execution of this agreement requires authorization from the surety company's President or Vice President, or alternatively, must be accompanied by a current certificate of authority for any other signing officer.
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Text version
AGREEMENT OF SURETY COMPANY
00 45 53-1
DOCUMENT 00 45 53
AGREEMENT OF SURETY COMPANY
We,_____________________________________ as Surety, a corporation existing under the laws of the (Surety Company)
State of ________________________, and authorized to transact business in the Commonwealth of
Pennsylvania hereby agree intending to be legally bound hereby, to execute and deliver to the
Bristol Borough 250 Pond Street, Bristol, PA 19007 within the time limit specified in the Contract Documents, the Performance Bond and Payment Bond in the forms included in the Contract Documents or equivalent each in an amount of 100% of the contract amount, in favor of Owner, as required for the faithful performance and proper fulfillment of
Contract 2026-00117 Bristol Borough 2026 CDBG Design/Build Curb Ramp Project – on behalf of
(Bidder, Name and Address) provided that the above contract is awarded to Bidder within sixty (60) days after the date of opening of the bids or otherwise as set forth in the Instructions to Bidders.
Surety Company further agrees that should Surety Company, after notification of such award, omit or refuse to execute the required bonds then Surety Company shall pay to Owner any difference between the total amount specified in Bidder's proposal for the required work and the amount for which Owner may procure the same work if the latter amount be in excess of the former and after deduction therefrom of payment made by reason of the forfeiture of the proposal security.
IN WITNESS WHEREOF, the Surety Company has hereunto set its hand and seal this _____ day of
_____________________, 20____.
SURETY
Company:
(Corp. Seal) Signature:
Name and Title:
NOTE: This statement, if executed by any person other than the President or Vice President of the Surety Company, must be accompanied by a current and effective certificate showing authority conferred upon the person so signing to execute such instruments on behalf of the Surety Company represented.
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