SURETY BOND

Surety bond by as principal, and

as surety, a corporation incorporated under the laws of the State of , and
licensed to transact a surety business in the State of , to
, as obligee.
RECITALS
A. Principal and surety are bound to obligee in the sum of Dollars
($ ), for the payment of which principal and surety jointly and severally bind
themselves, their successors, assigns, and legal representatives.
B. Principal and obligee have entered into a written contract for
(hereinafter contract) which was executed on , (year), a copy of
which is attached and incorporated by reference.
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 otherwise
provided 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.
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6. EXTENT OF LIABILITY. The maximum amount of the liability of surety shall be no
more than 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
, (year).
____________________________________ ___________________________________
Principal Surety
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