Letter - Surety Agreement
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1. Principals. [Name], residing at [address] (Surety), agrees to act as surety for the debt of [name], residing at [address] (Principal).
2. Financial Qualifications. Surety holds the following assets: [list of assets]. Principal and Surety are bound to [name], residing at [address] (Obligee), for ........ dollars ($........). Principal and Surety are and shall remain jointly and severally liable for this amount.
3. Acknowledgment of Indebtedness. This indebtedness arises from a written contract entered into by Principal and Obligee that was
executed on [date] in [city, county, state], a copy of which is attached and incorporated by reference.
4. Liability of Surety. Surety's liability shall terminate upon Surety's written notice of such termination to Obligee. Surety, in
such case, shall remain liable to Obligee for any obligation that may
have arisen prior to the receipt of such notice by Obligee.
5. Scope of Bond. This Surety Bond is solely for the debt noted in the underlying contract dated [date] for the amount of ........ dollars ($........).
6. Notice. Obligee must first give notice of demand for payment to Principal. Upon Principal's failure to pay, Obligee may make demand upon Surety.
7. Actions on the Bond. Any action or proceeding in connection with this Bond shall be in [county, state]. Any costs or solicitor fees in connection with such action shall be borne by Principal.
The Bond shall be binding upon Surety, Surety's successors, assigns, and legal representatives.
IN WITNESS WHEREOF, Principal and Surety have executed this Bond at [address] on [date].
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