26-Doc 00 45 53 - AGREEMENT OF SURETY COMPANY.pdf
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- Attached to
- 2500999 - Canterbury Storm Sewer Replacement State and local contract opportunity
- Solicitation number
- Not on record
- Issued by
- Montgomery County, Mount Aetna CDP, Pennsylvania
About this file
This is an Agreement of Surety Company document executed by Montgomery Township, located in Montgomeryville, Pennsylvania, in connection with Contract 2025-00999 for the Canterbury Storm Sewer Replacement project. The contract requires the removal and replacement of approximately 1,800 feet of corroded storm sewer piping ranging from 12 inches to 57 inches by 38 inches on Canterbury Lane and Devonshire Drive. Work scope includes installation of new circular HDPE pipe and elliptical reinforced concrete pipe (RCP) storm sewer, replacement of three precast concrete storm sewer structures, and restoration of concrete curbs, sidewalks, driveway aprons, and asphalt roadway. Sealed bids were due by 10:00 A.M. on September 1, 2026, submitted electronically through the PennBid Program. The agreement requires the surety company to execute both a Performance Bond and Payment Bond, each in an amount equal to 100% of the contract amount, within sixty days after bid opening or as specified in the Instructions to Bidders.
Bidders must submit bid security in an amount not less than 10% of the bid amount payable to Montgomery Township along with the executed Agreement of Surety certifying that required performance and payment bonds will be provided. PennBid assesses a nominal fee of 0.33% of the bid amount, with a minimum of $150 and maximum of $6,000, applicable only to awarded bidders. The project is subject to Pennsylvania Act 422 (Prevailing Wage Act) and Act 127 (Public Works Employment Verification). All contract documents and solicitation details are available at no cost through PennBid. Bids may be withdrawn within two business days after the opening of bids. The surety company's failure to execute the required bonds obligates it to pay the owner any difference between the bidder's proposal amount and the cost to procure the same work elsewhere, less any bid security forfeiture.
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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
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
Contract 2025-00999 – Montgomery Township – Canterbury Storm Sewer Replacement 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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