Bond of Subcontractor Agreement
Know all people by these presents that _________ of _________, as principal, and _________ Surety Company of _________, a corporation organized and existing under the laws of the State of _________, as surety, are held and firmly bound to _________, referred to as contractor, in the sum of _________ dollars ($_____), lawful money of the United States of America, to be paid to contractor, his [her] attorney, executors, administrators, successors, or assigns; to which payment the principal and surety bind themselves and each of them, their and each of their heirs, executors, administrators, and successors, jointly and severally, firmly by these presents.
Sealed with the seal of the principal and with the seal of the surety and dated _________[date].
Principal has entered into a written contract, bearing the date _________[date], with contractor for the performance of certain work and the furnishing of certain materials in connection with the building of a _________ building at _________, which contract, together with all of the terms, covenants, conditions, specifications, and stipulations is attached to and made a part of this bond. It being agreed that any deviations from, additions to, or omissions in, the contract, specifications, or plans of work required by the contractor may be made from time to time during the progress of the work and as often as required, and such change or changes may be made without the consent or knowledge of the surety and without in any way releasing him [her] from liability under this present bond.
The condition of this obligation is such, that if the principal shall well, truly, and faithfully keep and perform the above-mentioned contract, together with all of its terms, covenants, conditions, specifications, and stipulations on his [her] part to be kept and performed, and shall keep harmless and protect the contractor from and against all loss by reason of nonperformance or nonfulfillment by the principal of the terms, covenants, conditions, specifications, and stipulations contained in the contract, to be kept and performed by the principal; and also against actual loss by reason of any and all delays, claims, defects, errors, obligations, liens, or incumbrances arising from nonperformance or nonfulfillment by principal, then this obligation is to be null and void, otherwise it is to remain in full force and effect.
Signed and sealed _________[date].