Fiduciary Bond Agreement

Fiduciary Bond Agreement

This Fiduciary Bond Agreement ("Agreement") is made as of by and between Principal (Fiduciary): and Surety: . The Obligee/Beneficiary is: .

WHEREAS

1. WHEREAS, Principal has been appointed or designated to act in a fiduciary capacity for the benefit of the Obligee in respect of certain assets, obligations or estate matters described herein and is required to give a bond to secure the faithful performance of fiduciary duties under applicable appointment, order, or agreement dated .

2. WHEREAS, Surety has agreed to be bound on the terms set forth in this Agreement as surety for Principal, and Obligee is the beneficiary of such bond to secure performance and to provide a remedy for loss caused by Principal's breach of fiduciary duties.

3. WHEREAS, the parties desire by this Agreement to specify the obligations, bond amount, payment terms and procedures for claims under the bond.

Scope of Work

The fiduciary duties and services to be performed by Principal that are secured by this bond are described below. Principal agrees to perform such duties in accordance with applicable law, orders, and fiduciary standards.

Bond Details

Bond Amount: $    Bond Number:

The Surety hereby binds itself, jointly and severally with Principal, to Obligee in the penal sum set forth above for the faithful performance of the fiduciary duties described in this Agreement. Surety's liability under this bond shall be limited to the penal sum except as otherwise required by law.

Payment Terms

Premium for the issuance of this bond shall be payable by Principal to Surety in accordance with the schedule set forth below. All amounts due hereunder are exclusive of any taxes levied by competent authorities.

If Principal fails to pay premiums when due, Surety may suspend or cancel the bond in accordance with applicable law after providing the notice required under this Agreement. Suspension or cancellation does not relieve Principal of liability for acts or omissions prior to such action.

Term and Termination

This Agreement commences on and continues until , unless earlier terminated in accordance with this Section.

Either party may terminate this Agreement upon written notice to the other party given at least the notice period set forth above; provided, however, that termination shall not relieve Surety of liability for obligations accrued prior to the effective date of termination or for claims discovered after termination to the extent caused by acts or omissions occurring during the bond period.

Claims and Notice

Obligee or any claimant asserting a right under this bond shall provide written notice of claim to Principal and Surety at the addresses set forth above. Notice shall include a concise statement of the nature of the claim, the amount claimed, and supporting documentation where available.

Upon receipt of a valid claim, Surety shall evaluate the claim and, where appropriate, satisfy valid obligations up to the penal sum of the bond. Payment by Surety shall be subject to Principal's right to contest and to the terms of this Agreement.

Confidentiality

The parties shall maintain the confidentiality of non-public information exchanged in connection with this Agreement, except as required by law, court order, or as necessary to enforce rights or defend claims. Confidential information shall not be disclosed to third parties without prior written consent of the disclosing party, except to counsel, auditors, or regulators on a need-to-know basis.

Indemnity, Limitation and Remedies

Principal shall indemnify and hold harmless Surety from and against all losses, costs, expenses (including reasonable attorneys' fees) and liabilities incurred by Surety in connection with issuing or defending claims under the bond, except to the extent such loss is finally adjudicated to have resulted solely from Surety's gross negligence or willful misconduct. Remedies under this Agreement are cumulative unless otherwise expressly stated.

Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the State of , without regard to conflict of law principles.

Entire Agreement

This Agreement, together with any schedules or exhibits expressly incorporated herein, constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings, whether written or oral. No amendment or waiver shall be effective unless in writing and signed by the parties.

If any provision of this Agreement is held invalid or unenforceable, such provision shall be struck and the remaining provisions shall remain in full force and effect.

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