23-Doc 00 45 53 - AGREEMENT OF SURETY COMPANY.pdf
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- Bucks County, Pennsylvania
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This is a Surety Company Agreement document issued by Bristol Township, Pennsylvania for Contract #25-01237: 2026 Road Paving, Inlet Replacement, and Curb Ramp Program. The agreement establishes the surety company's commitment to provide Performance and Payment Bonds, each in an amount equal to 100% of the contract value, to guarantee the contractor's faithful performance and proper fulfillment of project obligations. The surety company must execute and deliver the required bonds to Bristol Township at 2501 Bath Road, Bristol, PA 19007 within the timeframe specified in the contract documents, provided the contract is awarded to the bidder within sixty (60) days after bid opening or as otherwise outlined in the Instructions to Bidders. The project encompasses milling, base repair, leveling course, manhole rim adjustments, inlet design and replacements, wearing course installation along various township roads, and ADA/PennDOT compliant curb ramp installation with associated sidewalks, curbing, utility adjustments, and sign work at specified locations.
The surety company is obligated to comply with all material, labor, and equipment requirements in accordance with PennDOT Publication 408 and Township Standards. Should the surety company fail to execute the required bonds after award notification, it shall compensate Bristol Township for any difference between the bidder's proposal amount and the actual cost incurred by the township to procure the work elsewhere, less any amount recovered through forfeiture of the proposal security. The agreement must be executed by an authorized representative of the surety company, with documentation of signing authority required if executed by anyone other than the President or Vice President.
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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
Bristol Township, 2501 Bath Road, Bristol, PA 19007 within the time limit specified in the Contract Documents, (Owner, Name and Address) 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 #25-01237: 2026 Road Paving, Inlet Replacement, and Curb Ramp Program 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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