Township Council Meeting — Packet

CONSENT OF SURETY In consideration of the premises and of One Dollar ($1.00) lawful money of the United States, to it is hand paid by the Contractor, the receipt whereof is hereby acknowledged, the undersigned surety consents and agrees that if the contract, for which the preceding estimate and proposal is made, be awarded to the person or persons submitting the same as contracted, it will become bound as surety and guarantor for its faithful performance, in an amount equals to one hundred percent (100%) of the contract price, and will execute it as party of the third part thereto when required so to do by the Owner, and if the said Contractor shall omit or refuse to execute such Contract, remand to the Owner any increase between the sum to which the said Contract would have been entitled upon the completion of the said Contract and the sum which the said Owner may afterwards be awarded, the amount in such case to be determined by the bids plus the cost, if any, of readvertising the bids for this work, less the amount of any certified check or bid bond payable and received. In Witness whereof, said surety has caused these presents to be signed and attested by a duly authorized officer and its corporate seal to be hereto affixed this day of , 2026. Acorporate acknowledgment and statement of authority to be here attached by the surety company. A performance bond will be required from the successful contractor on this project, and consequently, all bidders shall submit, with their bid, a consent of surety in substantially the following form: To: (Owner) Re: (Contractor) (Project Description) This is to certify that the (Surety Company) will provide to a performance bond in the full amount (Owner) of awarded contract in the event that said contractor is awarded a contract for the above project. (CONTRACTOR) (Authorized Agent of Surety Company) Date: CONSENT OF SURETY MUST BE SIGNED BY AN AUTHORIZED AGENT OR REPRESENTATIVE OF A SURETY COMPANY AUTHORIZED TO DO BUSINESS IN NEW JERSEY AND NOT BY THE INDIVIDUAL OR COMPANY REPRESENTATIVE SUBMITTING THE BID. P-23