consent of surety

consent of surety

1.Written consent of the surety on a performance bond and/or labor and material payment bond to such contract changes as change orders or reductions in the contractor’s retainage, or to final payment, or to waiving notification of contract changes.
2. Written consent of the surety, to an extension of time in a bid bond.
References in periodicals archive ?
Proposals must be made on the standard Proposal Forms in the manner designated in the Contract Documents, must be enclosed in sealed envelopes bearing the name and address of the Bidder, and the name of the work on the outside; addressed to Clerk, Township of Hillsborough; and must be accompanied by a statement of Consent of Surety from a surety company authorized to do business in the State of New Jersey and acceptable to the Township and either a Bid Bond, Certified or Cashier%s Check drawn to the order of the Township of Hillsborough for not less than ten percent (10%) of the amount bid, except that the check need not exceed $20,000.
A Consent Of Surety From An Approved Surety Company Must Also Be Submitted With The Bid.