By checking this box and signing, each individual signing on behalf of a business entity, represents and warrants that he or she is duly authorized by the entity and/or trust to bind it to this Indemnity Agreement and that the entity and/or trust has a material interest in the issuance of any requested Bonds. Any and all owners of the company personally and corporately agree to the discloser/agreement below.
Indemnitor(s) / Applicant(s) assure that the statements contained herein are true, and are made without reservation to induce any and all SURETY COMPANIES (hereafter called SURETY) appointed with appointed agency, Bonding Solutions, LLC (hereafter called AGENCY) to execute or continue the suretyship described herein and authorize SURETY to confirm all underwriting items which appear in said statement in consideration of the execution by SURETY of the suretyship herein applied for. I (we) agree:
- Indemnitor(s) / Applicant(s) agree to exonerate, indemnify and hold harmless SURETY from and against any and all Loss.
- To pay to SURETY upon demand:
2.1. All loss and expense, including attorneys’ fees, for which SURETY shall become liable by reason of such suretyship, whether or not SURETY shall have paid
such loss and expense at the time of demand.
2.2. The annual premium for such suretyship until satisfactory evidence of termination of liability shall be furnished to SURETY.
2.3. Any and all attorneys’ fees and costs incurred by SURETY in enforcing this agreement.
2.4. An amount sufficient to discharge any claim against SURETY by reason of such suretyship. This sum may be used to pay such claim or be held by SURETY
as collateral security against loss.
2.5. SURETY shall have the exclusive right to determine whether any claim or suit shall, on the basis of liability, expediency or otherwise, be paid, compromised,
defended or appealed.
- An itemized statement of loss and expense incurred by SURETY, sworn to by an officer of SURETY, shall be prima facie evidence of the fact and extent of my (our) obligation to SURETY.
- SURETY may procure its release from said suretyship under any law for release of sureties without liability to SURETY for any damage I (we) sustain therefrom.
- That this agreement shall apply to all renewals, continuations, substitutions or SURETY and extensions of the suretyship herein applied for.
- That if this suretyship is given in connection with lost instruments or securities, and such lost instruments come into my (our) possession at any time, I (we) will, at my (our) own cost and expense deliver or cause such said securities to be delivered to SURETY.
- A representative of SURETY may at any time examine any assets held in trust under this suretyship, and SURETY may, at its option, exercise joint control or joint custody with me (us) over such assets.
- That is said suretyship is cancelable this agreement may be terminated, upon written application to SURETY. Only by written notice from SURETY stating when such termination will take effect as to future liability only.
- A photocopy or facsimile of the signatures will be as binding as original signatures.
- All premiums are fully earned upon issuance of 1st year and renewals, unless prohibited by law or is conflicts with a SURETY’s filed rates.
- At the company’s option, monies due or to become due the undersigned from any SURETY through insurance proceeds or bonding payments may be utilized to pay or help pay obligations incurred under this agreement as an offset.
- If the execution of this Agreement shall be defective for any reason, such defect or invalidity shall not affect the validity of the Agreement as to any other Indemnitor. If any provision is held invalid, the remaining provisions shall retain their full force and effect. A facsimile, photocopy, or electronic reproduction shall be considered an original and shall be admissible in a court of law to the same extent as an original.
- This Application may be executed in multiple counterparts, each being deemed an original but all of which constitute one and the same agreement.