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Sample Surety Bond

This document outlines the terms of a surety bond. It establishes the principal and surety that are responsible for the bond. The principal and surety are bound to the obligee, the Commissioner of Nunavut Territory, for a penal sum of money. The condition of the bond is that the obligation will be void if the principal does not violate the Consumer Protection Ordinance. The bond can be terminated by either party with three months written notice, but the surety remains responsible for any claims arising before termination for up to two years after termination.

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2K views1 page

Sample Surety Bond

This document outlines the terms of a surety bond. It establishes the principal and surety that are responsible for the bond. The principal and surety are bound to the obligee, the Commissioner of Nunavut Territory, for a penal sum of money. The condition of the bond is that the obligation will be void if the principal does not violate the Consumer Protection Ordinance. The bond can be terminated by either party with three months written notice, but the surety remains responsible for any claims arising before termination for up to two years after termination.

Uploaded by

rinosags
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOC, PDF, TXT or read online on Scribd
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SAMPLE – SURETY BOND WORDING

1. 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
Commissioner of the Nunavut Territory (hereinafter called the obligee) in the
penal sum of ____________________________ dollars of lawful money of
Canada, to be paid to the said obligee, his successors and assigns, 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.

2. SEALED with the respective seals of the Principal and the Surety and dated the
________ day of ______________, 20___.

3. NOW THE CONDITION of the above obligation is such that if the said obligation
does not by reason of any act, matter or thing at any time hereafter become or be
forfeit under the Consumer Protection Ordinance, then the said obligation shall
be void but otherwise shall be and remain in full force and effect and shall be
subject to forfeiture as provided by the said Ordinance.

4. PROVIDED that if the said Principal of Surety at any time gives three calendar
months notice in writing to the Commissioner of the Nunavut Territory of intention
to terminate the obligation shall cease and determine in respect only of any act,
matter or thing taking place, arising or done subsequent to the date named in the
notice of termination of the obligation hereby undertaken, but shall remain in full
force and effect in respect of all acts, matters and things taking place, arising or
done from the date hereof to the date of such termination. Notice of any claim
hereunder shall be made upon the Surety within two years following the date of
termination as herein provided.

SIGNED, SEALED and DELIVERED ) Principal


In the presence of )
) _____________________
)
) _____________________
)
Witness )

________________________________ )
)
SIGNED, SEALED and DELIVERED ) Surety
Authorized Official _____________________

_____________________

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