The Bond Indemnity Form serves as a critical risk management tool in the U.S. bonding industry. When a surety company issues a bond, they require protection against potential losses, which this document provides. The form establishes the legal framework for indemnification, typically including provisions for reimbursement of claims, legal fees, and related expenses. It's commonly used in construction, government contracting, and various commercial contexts where bonds are required. The document must comply with federal regulations and state-specific requirements, making it essential to tailor the Bond Indemnity Form to the relevant jurisdiction.
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1. Parties: Identification of Principal, Surety, and Indemnitors with full legal names and addresses
2. Background: Context of the bond requirement and relationship between parties, including the underlying obligation being bonded
3. Definitions: Key terms used throughout the document including 'Bond', 'Loss', 'Principal', 'Surety', and 'Indemnitors'
4. Indemnity Agreement: Core indemnification obligations, including scope of indemnity and trigger events
5. Security Interest: Rights of surety to collateral and security arrangements
6. Representations and Warranties: Statements of fact by indemnitors regarding their authority, financial condition, and disclosure
7. Covenants: Ongoing obligations of the indemnitors including reporting requirements and maintenance of financial condition
8. Term and Termination: Duration of the indemnity agreement and conditions for termination
9. Governing Law: Specification of applicable law and jurisdiction for disputes
1. Power of Attorney: Provisions granting authority to surety to act on behalf of indemnitors in specified circumstances
2. Assignment Rights: Provisions regarding the ability to assign or transfer rights and obligations under the agreement
3. Trust Fund Provisions: Special provisions for handling contract funds in construction bonds
4. Joint and Several Liability: Specific provisions regarding multiple indemnitors' obligations
1. Schedule A - List of Bonds: Detailed list of bonds covered by the indemnity agreement including bond numbers and amounts
2. Schedule B - Indemnitors: Complete list of all indemnitors with their legal details and contact information
3. Schedule C - Financial Statements: Current financial information and statements of the indemnitors
4. Appendix 1 - Signature Pages: Execution pages for all parties including notarization requirements
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