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    Sample Bond

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    thatbeachgirl xx
    This surety bond document outlines the terms of a surety agreement between a principal, obligee, and surety. It binds the principal and surety to pay the obligee a penal sum if the principal fails to fully perform or indemnify the obligee for losses from breaching the original contract. The surety's liability is capped at a specified amount and the bond remains in effect until terminated or the original contract is completed. Any contract modifications do not release the surety from liability.

    Copyright:

    © All Rights Reserved
    Download as ODT, PDF, TXT or read online from Scribd

    Sample Bond

    Uploaded by

    thatbeachgirl xx
    140 views2 pages
    This surety bond document outlines the terms of a surety agreement between a principal, obligee, and surety. It binds the principal and surety to pay the obligee a penal sum if the principal fails to fully perform or indemnify the obligee for losses from breaching the original contract. The surety's liability is capped at a specified amount and the bond remains in effect until terminated or the original contract is completed. Any contract modifications do not release the surety from liability.

    Original Description:

    SECURITY BOND

    Original Title

    SAMPLE BOND

    Copyright

    © © All Rights Reserved

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    This surety bond document outlines the terms of a surety agreement between a principal, obligee, and surety. It binds the principal and surety to pay the obligee a penal sum if the principal fails to fully perform or indemnify the obligee for losses from breaching the original contract. The surety's liability is capped at a specified amount and the bond remains in effect until terminated or the original contract is completed. Any contract modifications do not release the surety from liability.

    Copyright:

    © All Rights Reserved
    Download as ODT, PDF, TXT or read online from Scribd
    Download as odt, pdf, or txt
    140 views2 pages

    Sample Bond

    Uploaded by

    thatbeachgirl xx
    This surety bond document outlines the terms of a surety agreement between a principal, obligee, and surety. It binds the principal and surety to pay the obligee a penal sum if the principal fails to fully perform or indemnify the obligee for losses from breaching the original contract. The surety's liability is capped at a specified amount and the bond remains in effect until terminated or the original contract is completed. Any contract modifications do not release the surety from liability.

    Copyright:

    © All Rights Reserved
    Download as ODT, PDF, TXT or read online from Scribd
    Download as odt, pdf, or txt
    You are on page 1of 2

    SURETY BOND

    KNOW ALL MEN BY THESE PRESENTS,

    That I/We ______________________


    (hereinafter called the Principal) as Principal, and we, _____________________
    (hereinafter called the Surety,) as Surety are held and firmly bound unto the
    _________________ (hereinafter called the obligee) in the penal sum of
    ____________________________ of lawful money of Philippines, to be paid to the said
    obligee, or its authorized representatives, for which payment well and truly to be made,
    we jointly and severally bind ourselves, our executors, administrators, successors and
    assigns firmly by these presents.

    1. DURATION. This obligation shall run continuously and shall remain in full force and
    effect until and unless the bond is terminated and cancelled as provided herein or as
    otherwiseprovided by law.

    2. CONDITION OF OBLIGATION. If principal fully performs its obligation or indemnifies


    obligee against any loss resulting from the breach of any part of the original contract by
    principal, this obligation shall be void.

    3. NOTICE. No liability shall attach to surety hereunder unless upon discovery of any fact
    or circumstance indicating a possible claim hereunder, immediate written notice thereof
    containing all details then known is given to surety at its principal office at:

    4. TERMINATION. Surety may terminate its obligation by giving written notice to obligee,
    but such notice shall not affect any obligation which may have arisen prior to the receipt
    of such notice by obligee.

    5. COMPLETION OF ORIGINAL CONTRACT : SUBROGATION. In case of default by


    principal, surety may assure and complete or procure completion of the obligations of
    principal, and surety shall be subrogated and entitled to all the rights and properties of
    principal arising out of the original contract.

    6. EXTENT OF LIABILITY. The maximum amount of the liability of surety shall be no


    more than (Amount) Dollars ($______) together with the interest due thereon.

    7. MODIFICATION OF ORIGINAL CONTRACT. Any modification in the obligations of the


    original contract may be made without the consent or knowledge of surety and without in
    any way releasing surety from liability under this bond.

    8. SEVERABILITY. If any of the provisions of this bond are held to be illegal or


    unenforceable by a court of competent jurisdiction, all other provisions shall remain
    effective.

    9. BINDING EFFECT. This bond shall be binding and inure on surety and its successors,
    assigns, and legal representatives.

    IN WITNESS WHEREOF, principal and surety have executed this bond on (date with
    year).

    Principal :

    Surety 

    SIGNED, SEALED and DELIVERED)


    In the presence of

    Principal

    _____________________

    Witnesses:

    _____________________ _____________________

    SIGNED, SEALED and DELIVERED

    Surety
    Authorized Official

    _____________________

    _____________________

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