DEPOSITORY BOND EXECUTED BY SURETY 

 

[Proforma of condition]

The above-named surety shall be liable hereunder for such proportion of the moneys deposited with said principal by the contractor, and payment of which is refused by said principal upon demand of the said contractor as provided in the condition of this bond as the penalty of this bond bears to the total amount of depositary bonds and other securities for deposits furnished by above-named principal to the said contractor; provided, however, that if such other bonds or securities are insufficient for any reason to fully make, together with the aforesaid proportion under this bond, the full amount of principal and interest demanded and refused and interest thereafter accruing to time of actual payment to the said contractor, or if the surety on any other bond shall have been adjudged to be or be insolvent, then and in that event the surety hereunder shall be liable to the said contractor to the full amount of loss sustained by reason of such insufficiency.