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The undersigned hereby declare the above statements are true and correct and made as an inducement for the Surety/Agent, to execute the bond applied for herein and any renewals, continuations, extensions, substitutions or increases thereof. The undersigned, jointly and severally agree: FIRST: To pay the Surety/ Agent in advance the premium for the first year, which is fully earned, and to pay in advance any renewal or additional premium until the bond is released from all liability; SECOND: to indemnify the Surety/Agent against all loss, liability, costs, damages, attorney and collection fees and any other expenses which might be incurred by reason of executing said bond, in prosecuting or defending an action thereon, in obtaining a release, and enforcing this Agreement; THIRD: the Surety is authorized to adjust, settle or compromise any claim, demand, suit or judgment upon said bond, and the indemnitor shall deposit sufficient funds with the Surety to satisfy same; FOURTH: that in the event of good faith payment, settlement, or compromise, an itemized statement thereof, vouchers or other
evidence of payment shall be prima facie evidence of the fact of the liability of the undersigned; FIFTH: the Surety shall have the absolute right to cancel the bond pursuant to a cancellation clause in the bond or procure its release from said bond under any law governing same and the Surety is hereby released from any damage that might be sustained by reason of such cancellation or release; SIXTH: if the bond herein applied for is on behalf of two or more principals, it is agreed and understood the indemnity shall apply and be binding upon the undersigned, regardless of whether the undersigned or any one or more of them, is freed of liability in the cause in which the bond herein applied for is required. SEVENTH: if the Surety/Agent commence legal action relative to this agreement, the surety may at its option bring the action in King County, Washington or in an appropriate court having jurisdiction over the parties; EIGHTH: To allow the Surety/Agent to obtain credit information on the undersigned for any business purpose relative to this application/indemnity agreement; Ninth: if the bond applied for is on behalf of a corporation, the officer signing said agreement shall be individually and personally bound with the corporation to the terms of this agreement; TENTH: this agreement may be terminated by the indemnitors upon twenty (20) days written notice sent by registered mail to the Agent or Surety, but termination shall not relieve the indemnitors from any liability that accrued on the bond prior to the effective date of the termination or the release of all liability under the bond if the bond is non-cancelable.
NOTICE: For Corporations, the President and Secretary must sign. For LLC's the managing member must sign. For Partnerships a partner must sign.

Types of Business structures help guide Go here if you need help determining what type of business you have.

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