6-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 executed between a surety company and Upper Makefield Township in Bucks County, Pennsylvania for Contract #26-00060: 2026 Road Paving Program. The agreement commits 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 surety company agrees to be bound by these bonds contingent upon the contract being awarded to the bidder within sixty days after the bid opening date, as outlined in the Instructions to Bidders. The project involves milling, base repair, leveling course, manhole rim adjustments, and wearing course improvements along various roads within Upper Makefield Township, with base and alternate bid options defined in the Exhibits A, B, and C of Section 01 22 00 Measurement and Payment.
Should the surety company fail to execute the required bonds after notification of award, the agreement stipulates that the surety company shall compensate Upper Makefield Township for any difference between the bidder's proposed contract amount and the actual cost incurred by the township to procure the same work, less any amounts recovered from the forfeiture of proposal security. The agreement requires execution by an authorized officer of the surety company, with a current certificate of 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
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 Upper Makefield Township, 1076
Eagle Road, Newtown, PA 18940 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 #26-00060: 2026 Road Paving 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.
00 45 53-2
END OF DOCUMENT
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