20-Doc 00 45 53 AGREEMENT SURETY COMPANY.pdf
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- Solicitation number
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- Bucks County, Pennsylvania
About this file
This is a Surety Company Agreement form executed by the Borough of Doylestown for Contract 2400754 – Fanny Chapman Memorial Pool – Main Pool Repairs. The document establishes the surety company's commitment to provide both a Performance Bond and a Payment Bond, each in an amount equal to 100% of the contract value, to guarantee the contractor's faithful performance and proper fulfillment of the main pool repairs project. The surety company must execute and deliver these bonds within the timeframe specified in the contract documents, provided the contract is awarded to the bidder within 60 days of bid opening. The agreement specifies that if the surety company fails to execute the required bonds after notification of award, it shall reimburse the Borough of Doylestown (located at 10 Doyle Street, Doylestown, PA 18901) for any difference between the bidder's proposal amount and the cost of procuring the same work elsewhere, less any forfeiture of proposal security.
The document requires that the surety company be a corporation authorized to conduct business in the Commonwealth of Pennsylvania and that the agreement be executed by authorized representatives of the surety company. If signed by anyone other than the President or Vice President, the signatory must provide a current and effective certificate of authority demonstrating their authorization to execute such instruments on behalf of the surety company. The form includes blank spaces for the surety company name, state of incorporation, bidder identification, signature, date, and corporate seal, indicating this is a template to be completed upon contract award.
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Text version
Borough of Doylestown 00 45 53 Agreement of Surety Company 2400754 - Fanny Chapman - Main Pool Repairs Page 1 of 1
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
Borough of Doylestown, 10 Doyle Street, Doylestown, PA 18901 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 2400754 - Borough of Doylestown – Fanny Chapman Memorial Pool - Main Pool Repairs 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.
END OF DOCUMENT
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