13-Doc 00 45 53 - AGREEMENT OF SURETY COMPANY.pdf

AGREEMENT OF SURETY COMPANY

00 45 53-1

DOCUMENT 00 45 53

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

Morrisville Borough 35 Union Street, Morrisville, PA 19067 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 2026-00118 Morrisville 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

00 45 53-2 the Surety Company represented.