36-Doc 00 45 53 - AGREEMENT OF SURETY COMPANY.pdf
PDF 128 KB Posted
- Attached to
- 1121 Horsham Road Demolition (26-01054)
- Solicitation number
- US.258594
- Issued by
- Pennsylvania
About this file
This is a Surety Company Agreement executed in connection with the 1121 Horsham Road Demolition project (Contract 2026-01054) for Horsham Township, Pennsylvania. The agreement obligates the surety company to execute and deliver both a Performance Bond and a Payment Bond, each in an amount equal to 100% of the contract amount, within the timeframe specified in the contract documents. The project involves demolition of an existing residential home located at 1121 Horsham Road, Horsham, Pennsylvania, with associated work including abandonment of existing water and sanitary services at the mains and grading and permanent stabilization of all disturbed areas. The contract must be awarded to the bidder within sixty days after the date of bid opening, or as otherwise specified in the Instructions to Bidders.
The agreement establishes that should the surety company fail to execute the required bonds after notification of contract award, the surety company shall pay to the owner any difference between the bidder's proposal amount and the cost to the owner to procure the work elsewhere, less any forfeiture of proposal security. The document requires execution by an authorized representative of the surety company, with a note that execution by anyone other than the President or Vice President must be accompanied by a current certificate demonstrating the signatory's authority to execute such instruments on behalf of the surety company.
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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
Horsham Township 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 2026-01054 – 1121 Horsham 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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