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1. Principals. [Name], residing at [address] (Surety), agrees to act as surety for the debt of [name], residing at [address] (Principal).
2. Financial Qualifications. Surety holds the following assets:
[list of assets]
Principal and Surety are bound to [name], residing at [address] (Obligee), for ........ dollars ($........). Principal and Surety are and shall remain jointly and severally liable for this amount.
3. Acknowledgment of Indebtedness. This indebtedness arises from a written contract entered into by Principal and Obligee that was executed on [date] in [city, county, state], a copy of which is attached and incorporated by reference.
4. Liability of Surety. Surety's liability shall terminate upon Surety's written notice of such termination to Obligee. Surety, in such case, shall remain liable to Obligee for any obligation that may have arisen prior to the receipt of such notice by Obligee.
5. Scope of Bond. This Surety Bond is solely for the debt noted in the underlying contract dated [date] for the amount of ........ dollars ($........).
6. Notice. Obligee must first give notice of demand for payment to Principal. Upon Principal's failure to pay, Obligee may make demand upon Surety.
7. Actions on the Bond. Any action or proceeding in connection with this Bond shall be in [county, state]. Any costs or attorney fees in connection with such action shall be borne by Principal.
8. Amendments of this agreement shall be by mutual consent of the parties only in writing.
9. Arbitration. Any disputes pertaining to the the said contractual arrangement being affairs that cannot be settled amicably shall be submitted to an arbitrator under the Rules of the American Arbitration Association or like organization in the City of [city], whose award may be reduced to judgment in any court of competent jurisdiction.
10. Severability. If any provision of this Agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this Agreement is invalid or unenforceable, but that by limiting such provision it would become valid or enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited.
11. Waiver Of Agreementual Right. The failure of either party to enforce any provision of this Agreement shall not be construed as a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Agreement.
12. No Representations. Neither party has made any representations nor promises, other than those contained in this agreement or in some further writing signed by the party making the representation or promise.
13. Interpretation. This Agreement will in all events be construed as a whole, according to its fair meaning, and not strictly for or against a party merely because that party (or the party's legal counsel) drafted the Agreement. The headings, captions, and titles in this legal Agreement are merely for reference and do not define, limit, extend, or describe the scope of this Agreement or any provision herein. Unless the context requires otherwise,
(a) the gender (or lack of gender) of all words used in this Agreement includes the masculine, feminine, and neuter, and
(b) the word including means including without limitation.
14. Advice Of Legal Counsel. Each individual party to this Agreement represents and warrants to each other party that such party has read and fully understands the terms and provisions hereof, has had an opportunity to review this Agreement with legal counsel, and has executed this Agreement based upon such party's own judgment and advice of independent legal counsel.
15. Invalid Provisions. If any provision of this Agreement is held to be illegal, invalid, or unenforceable under any present or future law, then that provision will be fully severable. This Agreement will be construed and enforced as if the illegal, invalid, or unenforceable provision had never comprised a part of this Agreement, and the remaining provisions of this Agreement will remain in full force and effect and will not be affected by the illegal, invalid, or unenforceable provision or by its severance from this Agreement. Furthermore, in lieu of each such illegal, invalid, or unenforceable provision, there will be added automatically, as a part of this Agreement, a provision as similar in terms to such illegal, invalid, or unenforceable provision as may be possible and be legal, valid and enforceable.
16. Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each party to this Agreement will execute and deliver any additional documents and perform any additional acts that may be necessary or appropriate to effectuate and perform its obligations under this Agreement and the transactions contemplated hereby.
17. No Assignment. Neither this agreement nor any right or interest thereunder shall be assigned in any respect whatsoever.
18. Exclusion of Oral Statements. This instrument contains all of the agreements of the parties. No oral or other statements shall be binding on either of the parties hereto.
19. Applicable Law. This Agreement shall be governed by the laws of the State of [State].
20. Time of The Essence. Time is the essence of this agreement.
21. The Bond shall be binding upon Surety, Surety's successors, assigns, and legal representatives.
IN WITNESS WHEREOF, Principal and Surety have executed this Bond at [address] on [date].
This Section for Notary:
State of _________
County of ________ [County]
On [Date] before me, [Name of Notary], notary, personally appeared [Name of Person(s) Involved], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
My commission expires: _____