10-DOC 00 45 53 AGREEMENT OF SURETY COMPANY.pdf
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- Montgomery County, Pennsylvania
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This is a Surety Company Agreement form for Montgomery Township, located in Montgomeryville, Pennsylvania, establishing the bond requirements for a contractor bidding on the supply and installation of front PTO, front 3-point hitch, and 11-foot or 12-foot plow equipment for a John Deere 6120M tractor. The surety company agrees to execute Performance and Payment Bonds each in the amount of 100% of the contract value, contingent upon the contract award being made to the bidder within sixty (60) days after the bid opening date. The agreement must be executed by an authorized representative of the surety company, with the contract award deadline and other contract terms outlined in the Instructions to Bidders governing the procurement.
The agreement includes a penalty provision whereby the surety company commits to pay the Township the difference between the bidder's proposal amount and any higher cost the Township incurs to procure the required work if the surety refuses to execute the required bonds after award notification, less any amount recovered from the forfeiture of the proposal security. The document serves as a binding commitment from the surety company to ensure the contractor's faithful performance and proper fulfillment of the contracted work. Execution authority for non-principal officers must be accompanied by a current certificate demonstrating the signatory's authority to bind the surety company.
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Text version
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
Montgomery Township, 1001 Stump Road, Montgomeryville, PA 18936-9605 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
Supply and Installation of Front PTO, Front 3-Point Hitch, and 11-Foot or 12-Foot Plow for John Deere 6120M Tractor 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.
AGREEMENT OF SURETY COMPANY
00 45 53-1
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