3-Doc 00 45 53 - AGREEMENT OF SURETY COMPANY.pdf
PDF 85 KB Posted
- Attached to
- 2201256.01 - Whistlestop Park
- Solicitation number
- US.160528
- Issued by
- Montgomery County, Pennsylvania
About this file
This is an Agreement of Surety Company form executed by Montgomery Township in Montgomeryville, Pennsylvania for Contract 2022-01256.01 - Whistlestop Park. The surety company commits to execute and deliver Performance and Payment Bonds, each in an amount equal to 100% of the contract amount, within the time limit specified in the contract documents. The agreement is contingent upon the contract being awarded to the specified bidder within sixty (60) days after the bid opening date. The surety company must provide the bonds in the forms included in the contract documents or equivalent forms acceptable to the owner. The agreement requires execution by an authorized representative of the surety company, with signatures from individuals other than the President or Vice President requiring verification of authority through a current certificate.
The form establishes liquidated damages for non-performance by the surety company, requiring payment of the difference between the bidder's proposal amount and any higher cost incurred by the owner to procure the same work, less any forfeiture of proposal security. The document serves as a prerequisite submission requirement for bidders participating in the Whistlestop Park project, which involves rehabilitation of a softball field, construction of perimeter fencing for a playground, pickleball courts, a loop trail, stormwater basins, and associated landscaping. Bidders must submit this executed agreement along with their bid documents, with the final bid submission deadline of April 30, 2026 at 10:00 AM via PennBid.
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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 2022-01256.01 – Montgomery Township – Whistlestop Park 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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