Sample_Surety_Forms.pdf

SURETY BID REQUIREMENTS

The attention of the Bidder is called to the provisions of P.L. 1996, Chapter 384 enacted on January 10, 1996 which requires that the County of Ocean shall only accept Performance and Payment Bonds from surety companies meeting the requirements of that statute. The Bidder shall deliver with their Bid a Consent of Surety. The Bidder's Surety Company shall complete the following certificate which the Bidder shall submit with their Bid.

CERTIFICATE OF SURETY COMPANY

The undersigned does hereby certify and state on behalf of ___________________________________ that it is authorized to make the following averments: Surety Company

(1) The surety meets the requirements of P.L. 1996, Chapter 384 [N.J.S.A. 2A:44-143].

(2) The surety shall deliver Performance and Payment Bonds in accordance with the requirements of the Consent of Surety which shall be accompanied by a Surety Disclosure Statement and Certification in the form set forth in the above statute.

(3) The undersigned is authorized to sign this Certificate and

a. Acknowledges that if any of the foregoing averments are false, that he or she is subject to a punishment as provided by law.

Signature of Certifying Agent Date

Printed/Typed Name of Certifying Agent

Title of Certifying Agent

The delivery of the foregoing Certificate of Surety Company is an integral part of the requirement for the provision of a Consent of Surety with the Bid and the failure to provide said certificate is a non-waivable defect and shall result in the rejection of the bid. Furthermore, the failure of the successful Bidder to deliver Performance and Payment Bonds from a surety company meeting the standards of P.L. 1996, Chapter 384 and accompanying statutory disclosure information and certificate will result in the County of Ocean either rebidding the project or awarding the contract to the next lowest responsible bidder as it shall determine in its discretion.

SURETY DISCLOSURE STATEMENT AND CERTIFICATION

_____________________________________, surety(ies) on the attached bond, hereby certifies(y) the following:

(1) The surety meets the applicable capital and surplus requirements of R.S 17:17-6 or R.S. 17:17-7 as the surety's most current annual filing with the New Jersey Department of Insurance.

(2) The capital (where applicable) and surplus, as determined in accordance with the applicable laws of this state, of the surety(ies) participating in the issuance of the attached bond is (are) in the following amount(s) as of the calendar year ended December 31, ______ (most recent calendar year for which capital and surplus amounts are available), which amounts have been certified as indicated by certified public accountants (indicating separately for each surety that surety's capital and surplus amounts, together with the name and address of the firm of certified public accounts that shall have those certified amounts):

(3) (a) With the respect to each surety participating in the issuance of the attached bond that has received from the United States Secretary of the Treasury a certificate of authority pursuant to 31 U.S.C. sec. 9305, the underwriting limitation established therein and the date as of which that limitation was effective is as follows (indicating for each such surety that surety's underwriting limitation and the effective date thereof):

(b) With respect to each surety participating in the issuance of the attached bond that has not received such a certificate of authority from the United States Secretary of the Treasury, the underwriting limitation of that surety as established pursuant to R.S. 17:18-9 as of _______________ (date on which such limitation was so established) is as follows (indicating for each such surety's underwriting limitation and the date on which that limitation was established):

(4) The Amount of the bond to which this statement and certification is attached is

(5) If, by virtue of one or more contracts of reinsurance, the amount of the bond indicated under item (4) above exceeds the total underwriting limitation of all sureties on the bonds as set forth in items (3) (a) or (3) (b) above, or both, then for each such contract of reinsurance:

(a) The name and address of each such reinsurer under that contract and the amount of that reinsurer's participation in the contract is as follows:

and, (b) Each surety that is party to any such contract of reinsurance certifies that each reinsurer listed under item (5) (a) satisfies the credit for reinsurance requirement established under P.L. 1993, c. 243 (c. 17:51B-1 et seq.) and any applicable regulations in effect as of the date on which the bond to which this statement and certification is attached shall have been filed with the appropriate public agency.

CERTIFICATE

(To be completed by an authorized certifying agent for each surety on the bond)

I, ____________________________________, as _____________________________________ (Name of Agent) (Title of Agent) for ___________________________________________________________________________ (Name of Surety) a (corporation/mutual insurance company/other) domiciled in ____________________________, (Indicating type of Business Organization) (Circle one.) (State of Domicile)

DO HEREBY CERTIFY that, to the best of my knowledge, the foregoing statements made by me are true and ACKNOWLEDGE that if any of those statements are false, this bond is VOID.

Signature of Certifying Agent Date

Printed/Typed Name of Certifying Agent

Title of Certifying Agent