Standard Form 274 - Reinsurance Agreement For A Miller Act Payment Bond

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REINSURANCE AGREEMENT FOR A MILLER ACT PAYMENT BOND

OMB No.: 9000-0045

Expires: 11/30/2012

(See instruction on reverse)

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sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. Send comments regarding this burden estimate or any other aspect

of this collection of information, including suggestions for reducing this burden, to the FAR Secretariat (MVR), Federal Acquisition Policy Division, GSA, Washington, DC 20405.

1. DIRECT WRITING COMPANY*

1A. DATE DIRECT WRITING COMPANY EXECUTES THIS

AGREEMENT

1B. STATE OF INCORPORATION

2. REINSURING COMPANY*

2A. AMOUNT OF THIS REINSURANCE

2B. DATE REINSURING COMPANY EXECUTES THIS

AGREEMENT

2C. STATE OF INCORPORATION

3. DESCRIPTION OF CONTRACT

4. DESCRIPTION OF BOND

3A. AMOUNT OF CONTRACT

4A. PENAL SUM OF BOND

3B. CONTRACT DATE

3C. CONTRACT NO.

4B. DATE OF BOND

4C. BOND NO.

3D. DESCRIPTION OF CONTRACT

4D. PRINCIPAL*

3E. CONTRACTING AGENCY

4E. STATE OF INCORPORATION (If Corporate Principal)

AGREEMENT:

(a) The Direct Writing Company named above is bound as a surety on the payment bond described above, wherein the above described is the

principal, for the protection of all persons supplying labor and material on the contract described above, which is for the construction, alteration, or repair of

a public building or public work of the United States. The payment bond is for the use of persons supplying labor or material, and is furnished to the United

States under the Act of August 24, 1935, as amended (40 U.S.C. 270a-270e), known as the Miller Act. The Direct Writing Company has applied to the

Reinsuring Company named above to be reinsured and counter-secured in the amount above opposite the name of the Reinsuring Company (referred to

as "Amount of this Reinsurance"), or for whatever amount less than the "Amount of this Reinsurance" the Direct Writing Company is liable to pay under or

by virtue of the payments bond.

(b) For a sum mutually agreed upon, paid by the Direct Writing Company to the Reinsuring Company which acknowledges its receipt, the parties to

this Agreement covenant and agree to the terms and conditions of this agreement.

TERMS AND CONDITIONS:

The purpose and intent of this agreement is (a) to guarantee and indemnify the persons who have furnished to supplied labor or 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 expressed or implied with the contractor who has furnished the said

payment bond) against loss under the payment bond to the extent of the "amount of this Reinsurance," or for any sum less than the "Amount of this

Reinsurance," that is owing and unpaid by the Direct Writing Company to the "laborers and materialmen" on the payment bond; and (b) to make the

"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 covenants and agrees -

(a) To pay the "Amount of this Reinsurance" to the "laborers and materialmen" in the event of the Direct Writing Company's failure to pay to the

"laborers and materialmen" any default under the payment bond equal to or in excess of the "Amount of this Reinsurance"; and

(b) To pay (1) the full amount to the "laborers and materialmen," or (2) the amount not paid to them by the Direct Writing Company; in case the

Direct Writing Company fails to pay the "laborers and materialmen" any default under the payment bond less than the "Amount of this Reinsurance.

*Items 1, 2 ,4D - furnished legal name, business address and ZIP Code.

(Over)

STANDARD FORM 274 (REV. 10-98)