In consideration of any Surety Company or any successive surety (hereinafter called Company) on bonds herein applied for, the applicant hereby certifies the truth of all statements in this application, authorizes the Company to verify this information at the time of application and as needed on an ongoing basis and to obtain additional information from any source, including obtaining credit reports at the time of application, in any review or renewal, at the time of any potential or actual claim, or for any other legitimate purposes as determined by the Company in its reasonable discretion, and jointly and severally agree: (1) To pay premiums, including renewal premiums and any other charges, to the Company or its agents, when due, (2) To completely INDEMNIFY the Company from and against any liability, loss, cost, attorneys' fees and expenses whatsoever which the Company shall at any time sustain as surety or by reason of having been surety on this bond or any other bond issued for applicant and or indemnitor, or for the enforcement of this agreement, or in obtaining a release or evidence of termination under such bonds; regardless of whether such liability, loss, costs, damages, attorneys' fees and expenses are caused, or alleged to be caused, by the negligence of the Company, (3) Upon demand by the Company for any reason whatsoever, to deposit current funds with the Company in an amount sufficient to satisfy any claim against the Company by reason of such suretyship, (4) That the Company shall have the right to handle or settle any claim or suit in good faith and the Company’s decision shall be binding and conclusive on the undersigned. An itemized statement of loss and expense incurred by the Company shall be prima facie evidence of the fact and extent of the liability of the undersigned to the Company. (5) That the Company may decline to become surety on any bond and may cancel or amend any bond without cause and without any liability which might arise there from, (6) That the Company shall, without notice, have the right to alter the penalty, terms and conditions of any bond issued for undersigned, and this agreement shall apply to any such altered bond. The liability for the applicant shall not be affected by the failure of the applicant to sign any bond, nor any claim that other indemnity or security was obtained, nor by the release of any indemnity, nor the return or exchange of any collateral obtained and if any party signing this agreement is not bound for any reason, this agreement will still be binding on each and every other party. It is further agreed that the terms and conditions of this application shall also apply to increases and/or decreases in the amount of any and all bonds, and shall also apply to all renewals whether the bond is continuous, renewed by Continuation Certificate or by the filing of a new bond. (7) A facsimile copy of this agreement shall be considered an original and shall be admissible in a court of law to the same extent as the original agreement. (8) My signature below indicates my understanding that a surety bond is NOT insurance and that I am responsible for reimbursing the surety company for any and all costs associated with enforcing this indemnity agreement. (9) The first year’s premium is fully earned upon issuance of the bond herein applied for.
