7-Doc 00 45 53 Agreement of Surety Company.pdf
PDF 105 KB Posted
- Attached to
- Cherryville Road Sidewalk Extension 999111905
- Solicitation number
- Not on record
- Issued by
- Northampton County, Northern Cambria Borough, Pennsylvania
About this file
This is a Surety Company Agreement document for Allen Township, Northampton, Pennsylvania, related to Contract No. 999111905 for the Cherryville Road Sidewalk Extension project. The document outlines the surety company's commitment to provide Performance and Payment Bonds, each in an amount equal to 100% of the contract value, contingent upon the contract being awarded to the bidder within sixty days of bid opening. Sealed bids for the project were submitted online via PennBid until 10:00 A.M. on Tuesday, November 3, 2026, with questions accepted until 10:00 A.M. on Tuesday, October 27, 2026. No prebid meeting was scheduled for this project.
In addition to the Performance and Payment Bonds, the successful bidder is required to furnish a Maintenance Bond equal to ten percent of the contract amount and provide a Contractor's Release of Liens. Each bid submission must be accompanied by a bid bond or certified check in an amount not less than ten percent of the bid amount. The work shall be performed in accordance with the Pennsylvania Prevailing Wage Act. The surety company agrees that should it fail to execute the required bonds after award notification, it shall pay to the owner any difference between the bidder's proposal amount and the cost to procure the same work elsewhere, less any forfeiture of proposal security. The right is reserved to reject any or all bids, waive immaterial defects, and accept the bid deemed most favorable to the owner.
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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
Allen Township, 50 Snow Hill Road, Northampton, PA, 18067 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 No. 999111905: CHERRYVILLE ROAD SIDEWALK EXTENSION 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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