Form FR-3
OPERATOR'S SURETY BOND
OFFSHORE POLLUTION LIABILITY AGREEMENT
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KNOW ALL MEN BY THESE PRESENTS:
That ...........................................................................................(hereinafter
called " Principal"),
whose address is.............................................................................................................................................
and .........................................................................
a corporation organized and existing under the laws of ............................
(hereinafter
called " Surety"), whose address is ...............................................................................................................
are held and firmly bound unto The Offshore Pollution Liability
Association Limited (hereinafter called " Obligee")
and to the Claimants (as defined in the Offshore Pollution Liability
Agreement dated 4th September 1974 as amended from time to time)
in the sum of US$................for the payment of which sum
well and truly to be made we, the said Principal and the said
Surety, bind ourselves, our heirs, executors, administrators,
successors and assigns, jointly and severally, firmly by these
presents.
WHEREAS, the Principal has become a member of The Offshore
Pollution Liability Association Limited and has elected to file
this bond to insure financial responsibility to meet any obligations
it may incur under the provisions of the Offshore Pollution Liability
Agreement
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH,
that if the said Principal shall truly, faithfully and promptly
perform all the obligations assumed by Principal in the Offshore
Pollution Liability Agreement dated 4th September 1974 as amended
from time to time in accordance with the provisions of said Agreement,
which is by reference made a part hereof, then this obligation
to be null and void; otherwise to remain in full force and effect.
The liability of the Surety shall not be discharged by any
payment or succession of payments hereunder unless and until
such payment or payments shall amount in the aggregate to the
original amount of the bond, but in no event shall the Surety's
obligation hereunder exceed the original amount of the bond.
This bond is effective the ....................day of 20............,
0001 hours G.M.T. and shall continue in force until terminated
by the Principal or Surety giving written notice to the Obligee
at
..........................................................................................................................................................(Address)
such termination to become effective thirty (30) days after actual
receipt of said notice by the Obligee. Such termination shall
not affect the liability of the Surety in respect to events giving
rise to claims under this bond occurring prior to the effective
date of termination.
IN WITNESS WHEREOF, the said Principal and Surety have
executed this bond on this
................ day of ....................... 20.............
| |
Corporate Seal |
PRINCIPAL |
By ................................................. (Authorised
Signature)
Name ................................................... (Typed
or Printed)
Title ........................... .......................(Typed
or Printed)
|
| |
Corporate Seal
|
SURETY
|
By ................................................ (Authorised
Signature)
Name ................................................... (Typed
or Printed)
Title ........................... .......................
(Typed or Printed)
|
|
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