32-Doc 00 45 53 - AGREEMENT OF SURETY COMPANY.pdf
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- Attached to
- 124 Easton Road Demolition 25-01189. 01
- Solicitation number
- Not on record
- Issued by
- Pennsylvania
About this file
This is a Surety Company Agreement document between a surety corporation and the Military Installation Remediation and Infrastructure Authority (MIRIA) for Contract 2025-01189.01, involving the demolition of the Shelby Apartments located at 111-124 Easton Road in Pennsylvania. The surety company agrees to execute and deliver both a Performance Bond and a Payment Bond, each in an amount equal to 100% of the contract value, within the timeframe specified in the Contract Documents. The award is contingent upon the contract being awarded to the bidder within sixty (60) days after the date of bid opening, or as otherwise specified in the Instructions to Bidders. The project scope encompasses demolition of the existing apartment building and associated concrete patios and asphalt parking lot, along with environmental remediation within the building, with site restoration to match existing grading and stabilization upon completion.
The agreement establishes that should the surety company, after notification of contract award, fail to execute the required bonds, the surety shall be liable to the Owner for any difference between the bidder's proposal amount and the actual cost incurred by the Owner to procure the same work, less any amount recovered through forfeiture of proposal security. The document requires execution by an authorized representative of the surety company, with officers other than the President or Vice President required to provide current and effective certificates demonstrating authority to execute such instruments on behalf of the surety company. This agreement serves as a prerequisite commitment from the surety to guarantee the performance and payment obligations of the successful bidder upon contract award.
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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
Military Installation Remediation and Infrastructure Authority (MIRIA) 1025 Horsham Road, Horsham, PA 19044 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 2025-01189.01 – 124 Easton Road Demolition 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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