SURETY BOND

KNOW ALL MEN BY THESE PRESENTS,

That I/We ______________________

(hereinafter called the Principal) as Principal, and we, _____________________
(hereinafter called the Surety,) as Surety are held and firmly bound unto the
_________________ (hereinafter called the obligee) in the penal sum of
____________________________ of lawful money of Philippines, to be paid to the said
obligee, or its authorized representatives, for which payment well and truly to be made,
we jointly and severally bind ourselves, our executors, administrators, successors and
assigns firmly by these presents.

1. DURATION. This obligation shall run continuously and shall remain in full force and
effect until and unless the bond is terminated and cancelled as provided herein or as
otherwiseprovided by law.

2. CONDITION OF OBLIGATION. If principal fully performs its obligation or indemnifies

obligee against any loss resulting from the breach of any part of the original contract by
principal, this obligation shall be void.

3. NOTICE. No liability shall attach to surety hereunder unless upon discovery of any fact
or circumstance indicating a possible claim hereunder, immediate written notice thereof
containing all details then known is given to surety at its principal office at:

4. TERMINATION. Surety may terminate its obligation by giving written notice to obligee,
but such notice shall not affect any obligation which may have arisen prior to the receipt
of such notice by obligee.

5. COMPLETION OF ORIGINAL CONTRACT : SUBROGATION. In case of default by

principal, surety may assure and complete or procure completion of the obligations of
principal, and surety shall be subrogated and entitled to all the rights and properties of
principal arising out of the original contract.

6. EXTENT OF LIABILITY. The maximum amount of the liability of surety shall be no

more than (Amount) Dollars ($______) together with the interest due thereon.

7. MODIFICATION OF ORIGINAL CONTRACT. Any modification in the obligations of the

original contract may be made without the consent or knowledge of surety and without in
any way releasing surety from liability under this bond.

8. SEVERABILITY. If any of the provisions of this bond are held to be illegal or

unenforceable by a court of competent jurisdiction, all other provisions shall remain
effective.

9. BINDING EFFECT. This bond shall be binding and inure on surety and its successors,
assigns, and legal representatives.

IN WITNESS WHEREOF, principal and surety have executed this bond on (date with
year).

Principal :

Surety 

SIGNED, SEALED and DELIVERED)

In the presence of

Principal

_____________________

Witnesses:

_____________________ _____________________

SIGNED, SEALED and DELIVERED

Surety
Authorized Official

_____________________

_____________________