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The undersigned, {{strtoupper($bond->business_name)}}
{{ strtoupper($bond->business_address)}}
hereby jointly and severally request STRONGHOLD INSURANCE COMPANY, INC., a corporation duly
organized and existing under and by virtue of the laws of the Philippines, with principal office at 17 th Floor,
Security Bank Centre, 6776 Ayala Avenue, Makati City, Metro Manila,
hereinafter called the COMPANY, to become and act as surety upon a
Surety Bond
@php
$bondAmount = 500000;
@endphp
in the sum of Five hundred thousand pesos only
(Php {{ number_format($bondAmount,2,".",",") }})
Pesos, Philippine Currency, on behalf of the bond principal, {{strtoupper($bond->business_name)}}
in favor of City of Manila
dated {{ date('F d, Y',strtotime($bond->bond_inception)) }}, a copy of which is hereto attached and made an integral part hereof.
In consideration of the COMPANY having agreed to act as such surety, the undersigned, jointly and severally, bind themselves
in favor of the COMPANY in the following terms:
1) PREMIUM: - To pay to the COMPANY in advance or on demand, in addition to the cost of
documentary stamps, the sum of four thousand nine hundred ninety two pesos only
(Php 4,992.00 ) as premium for each period of {{ strtoupper($period['periodWords']) }} ({{$period['periodDigit'] }})
months or a fraction thereof, while the aforesaid bond or any renewal, extension or substitution thereof remain outstanding
and in force until duly cancelled.
{{--
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{{ $bondtype->bond_description.', ' }}
@endforeach
be in force, inclusive of any renewal expression or substitution
of the same until duly cancelled. The undersigned hereby expressly waive notice of acceptance and approval hereof and of any such renewal, execution or substition:
--}}
2) INDEMNITY: - To indemnify the COMPANY upon its demand and keep it
indemnified for and to hold and save it harmless from and against any and all payments, damages, costs, losses, penalties, charges and
expenses of whatsoever kind and nature which the COMPANY, as such surety, shall or may, at any time make, sustain, incur and/or suffer, or for which it has, or may became liable
to the Obligee; and, to pay an additional amount as attorney's fees equal to twenty percent (20%) of the amount due to the COMPANY by virtue hereof, which in no case
shall be less than Php 100,000.00; and which shall be payable whether or not the case be extrajudicially settled, it being understood that demand made upon anyone of the
undersigned herein is admitted as demand made on all of the signatories hereof.
In case of confiscation of the bond, the undersigned indemnitors shall pay the sum of Five Hundred Pesos (Php 500.00)
a day to the Company until the order of forefeiture is lifted and/or the bond is cancelled.
3) ACCRUAL OF ACTION: - Notwithstanding the provisions of the next preceding
paragraph, where the obligation involves a liquidated amount for the payment of which the COMPANY has become legally liable
under the terms of the obligation and its suretyship undertaking, or by the demand of the Obligee, or otherwise,
and the latter has merely allowed the COMPANY a term or extension for payment of the latter's demand, the full
amount necessary to discharge the COMPANY's aforesaid liability irrespective of whether or not payment has
actually been made by the COMPANY, the COMPANY, for the protection of its interest, may be forthwith proceed
against the undersigned or either of them by court action or otherwise to enforce payment, even prior to making
payment to the Obligee, which may hereafter be done by the COMPANY.
4) INTEREST ON AMOUNT PAID BY OR DUE THE COMPANY: - Any and all sums of money so paid by the COMPANY, or for which the COMPANY
shall be liable or pay, or which may be due the COMPANY by virtue hereof, shall bear interest at the rate of twelve percent (12%) per annum from date of payment, or from
the date when the liability to the COMPANY to pay accrued, which interest shall be accumulated and added to principal quarterly and shall earn interest
at the same rate.
5) INCONTESTABILITY AND PROOF OF LIABILITY CLAUSE: - Where the COMPANY has made payment or disbursement as herein above contemplated,
in the belief that the COMPANY was obliged to make the same, or that it was necessary and expedient to do so, or that the payment was made in order to minimize
the extent and amount of liability, or to forestall court action against its principal and/or itself, the fact of such payment or disbursement and the amount
thereof shall be incontestable and the undersigned unconditionally accept liability therefor. The receipts or other instruments evidencing such payment or
disbursement shall be conclusive proof of both the fact of such payment and the date and amount thereof.
6) VENUE: - Any action arising for any purpose by virtue of this indemnity agreement shall be brought before the courts of the City
of Makati having competent jurisdiction: any other venue being hereby expressly waived.
7) SECURITY: - On demand by the COMPANY, the undersigned, jointly and severally, shall execute and deliver to the COMPANY any surety;
and guaranty the COMPANY the security or collateral it may require to guarantee compliance with the obligations of the undersigned herein assumed. The expenses for the execution and
registration of the corresponding security and guaranty documents shall be exclusively for the account of the undersigned jointly and severally. The
undersigned furthermore undertake that while this undertaking of indemnity is in force, no property belonging to the undersigned, or either of them, shall be
disposed of or encumbered without the prior knowledge and consent of the COMPANY, and any such disposal or encumbrance shall be deemed as made in fraud of the COMPANY,
unless sufficient if such property be left unencumbered to respond for the obligations herein contracted.
8) LIABILITY IN SOLIDUM: - It shall not be necessary for the COMPANY to bring suit against the Bond Principal upon his/her/its default, or to exhaust
the property of the Bond Principal, but the liability hereunder of the undersigned indemnitors shall be joint and several and in solidum with that of the Bond Principal;
and the undersigned indemnitors likewise agree to be bound in solidum not only to the obligations herein secured but also to any renewal, extension,
substitution, replacement, or novation of the bond obligation or undertaking without the necessity of executing another Indemnity Agreement for the purpose.
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