(k) Page 11 of Standard Form 255. 11 10 Use this space to provide any additional information or description of resources supporting your firm's qualifications for the proposed project 11. The foregoing is a statement of facts. Signature [40 FR 30449, July 18, 1975] § 1-16.901-273 Standard Form 273, Reinsurance Agreement for a Miller Act Performance Bond. (a) Page 1 of Standard Form 273. REINSURANCE AGREEMENT FOR A MILLER ACT PERFORMANCE BOND 1A. DATE DIRECT WRITING COMPANY EXECUTES THIS AGREEMENT WHEREAS the above named Direct Writing Company has become bound as surety unto the United States of America on the above described performance bond, wherein the above described is principal, for the protection of the United States on the above described contract, which contract is for the construction, alteration, or repair of a public building or public work of the United States; and WHEREAS the said performance bond was furnished to the United States pursuant to the Act of August 24, 1935, as amended (40 U.S.C. 270a-270e), known as the Miller Act; and WHEREAS the Direct Writing Company has applied to the above named Reinsuring Company to be reinsured and countersecured in the amount set forth opposite the name of the Reinsuring Company (herein referred to as the "Amount of this Reinsurance"), or for whatever amount less than the "Amount of this Reinsurance" the Direct Writing Company may become liable to pay under or by virtue of the said performance bond: NOW THEREFORE, in consideration of a sum mutually agreed upon, paid by the Direct Writing Company to the Reinsuring Company, the receipt whereof is hereby acknowledged, the parties to this Agreement hereby covenant and agree to the terms and conditions set forth herein. TERMS AND CONDITIONS AGREED TO: IT IS THE PURPOSE AND INTENT HEREOF to guarantee and indemnify the United States against loss under the said performance bond to the extent of the "Amount of this Reinsurance," or any sum less than the "Amount of this Reinsurance" that may be owing and unpaid by the Direct Writing Company to the United States under said performance bond. THEREFORE: 1. In the event of the Direct Writing Company's failure to pay any default under said performance bond equal to or in excess of the "Amount of this Reinsurance," the Reinsuring Company hereby covenants and agrees to pay to the United States, the obligee on said performance bond, the "Amount of this Reinsurance. In the case of the failure of the Direct Writing Company to pay to the United States any default for a sum less than the "Amount of this Reinsurance," the Reinsuring Company hereby covenants and agrees to pay to the United States the full amount of such default, or so much thereof as shall not be paid to the United States by the Direct Writing Company. 2. In the event of default on said performance bond for the "Amount of this Reinsurance," or more, the Reinsuring Company Items 1, 3, 4D--Furnish legal name, business address and ZIP Code 273-101 (over) STANDARD FORM 273 (8-77) Prescribed by GSA, FPR (41 CFR) 1-16.801 (b) Page 2 of Standard Form 273. and the Direct Writing Company hereby covenant and agree that the United States may bring suit against the Reinsuring Company for the "Amount of this Reinsurance" or, in case the amount of the default is for less than the "Amount of this Reinsurance," for whatever the full amount of the default may be. IN WITNESS WHEREOF, the Direct Writing Company and the Reinsuring Company, respectively, have caused this Agreement to be signed and impressed with their respective corporate seals by officers possessing power to sign such instruments, and to be duly attested by officers empowered thereto, on the day and date above v ritten opposite their respective names to be used in cases where it is desired to cover the excess of a Direct Writing Company's underwriting limitation by remsurance instead of coinsurance on Miller Act performance bonds running to the United States. See 41 CFR 1-10.202 and 1-16.801 This form should be executed and filed as follows: Original and copies as specified by the bond-approving officer, signed and sealed, shall be filed with the bond or within the time period set forth in the bid or proposal. One carbon copy, signed and sealed, shall accompany the Direct Writing Company's quarterly Schedule of Excess Risks filed with the Department of the Treasury. Other copies may be prepared for the use of the Direct Writing Company and the Reinsuring Company A separate form should be used for each Reinsuring Company [42 FR 56117, Oct. 21, 1977] US. GOVERNMENT PRINTING OFFICE 1977-O-240-4630102 STANDARD FORM 273 BACK (8-77) § 1-16.901-274 Standard Form 274, Reinsurance Agreement for a Miller Act Payment Bond. WHEREAS the above named Direct Writing Company has become bound as surety on the above described payment bond, wherein the above described is principal, for the protection of all persons supplying labor and material on the above described contract, which contract is for the construction, alteration, or repair of a public building or public work of the United States, said bond being for the use of each such person; and WHEREAS the said payment bond was furnished to the United States pursuant to the Act of August 24, 1935, as amended (40 U.S.C. 270a-270e), known as the Miller Act; and WHEREAS the Direct Writing Company has applied to the above named Reinsuring Company to be reinsured and countersecured in the amount set forth opposite the name of the Reinsuring Company (herein referred to as "Amount of this Reinsurance"), or for whatever amount less than the "Amoun: of this Reinsurance" the Direct Writing Company may become liable to pay under or by virtue of the said payment bond NOW, THEREFORE, in consideration of a sum mutually agreed upon, paid by the Direct Writing Company to the Reinsuring Company, the receipt whereof is hereby acknowledged, the parties to this Agreement hereby covenant and agree to the terms and conditions set forth herein TERMS AND CONDITIONS AGREED TO: IT IS THE PURPOSE AND INTENT HEREOF to guarantee and indemnify the persons who have furnished or supplied labor of material in the prosecution of the work provided for in the contract referred to above (hereinafter referred to as "laborers and materialmen," the term "materialmen" including persons having a direct contractual relation with a subcontractor but no contractual relationship express or implied with the contractor who has furnished the said payment bond) against loss under the said payment bond to the extent of the "Amount of this Reinsurance," or for any sum less than the Amount of this Reinsurance," that may be owing and unpaid by the Direct Writing Company to the "laborers and materialmen" on said payment bond, and to make the said "laborers and materialmen" obligees under this Reinsurance Agreement to the same extent as if their respective names were written herein THEREFORE: 1 The Reinsuring Company hereby covenants and agrees. a To pay the "Amount of this Reinsurance to the said "laborers and materialmen in the event of the Direct Writing Company failure to pay to the said "laborers and materialmen any default under sand payment bond equal to or in excess of the Amount of this Reinsurance" and Items 1, 8, 41- Furnish legal name, business address and ZIP Code 274-101 (over) STANDARD FORM 274 (8-77) Prescribed by GSA, FPR (41 CFR) 1-16.801 |