9 Va. Admin. Code § 20-170-400:2
(NOTE: instructions in brackets are to be replaced with the relevant information and the brackets deleted.)
SURETY BOND GUARANTEEING PAYMENT
Date bond executed:..........
Principal: [legal name and business address]
Type of organization: [insert "individual," "joint venture," "partnership," or "corporation"]
State of incorporation:..........
Surety: [name and business address]
Vessels covered by this bond (see attached Schedule A):..........
Penal sum of bond: $.....
Surety's bond number:..........
Know all men by these present, That we, the Principal and Surety hereto are firmly bound to the Department of Environmental Quality, Commonwealth of Virginia, (hereinafter called the Department) in the above penal sum for the payment of which we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally; provided that, where the Surety[ies] are corporations acting as co-sureties, we, the Sureties, bind ourselves in such sum "jointly and severally" only for the purpose of allowing a joint action or actions against any or all of us, and for all other purposes each Surety binds itself, jointly and severally with the Principal, for the payment of each sum only as is set forth opposite the name of such Surety, but if no limit of liability is indicated, the limit of liability shall be the full amount of the penal sum.
Whereas, said Principal is required to have a registration number issued by the Department of Environmental Quality, Commonwealth of Virginia, in order to transport solid or regulated medical waste upon the navigable waters of the Commonwealth, and
Whereas, said Principal is required to provide financial assurance for the cleanup and containment of a waste deposit from a vessel transporting solid and/or regulated medical waste upon the navigable waters of the Commonwealth and for the costs of restoring any beneficial uses impaired as a result of such a waste deposit as a condition of operation pursuant to 9VAC20-170,
Whereas, said Principal shall establish a standby trust fund as is required when a surety bond is used to provide such financial assurance,
Now, therefore the conditions of this obligation are such that if the Principal shall faithfully pay or cause to be paid any sum or sums for which the Principal is obligated to pay to clean up or contain a waste deposit from a covered vessel pursuant to 9VAC20-170 or restore any beneficial uses impaired from such a deposit, then this obligation, to the extent of such payment, shall be void, otherwise to remain in full force and effect.
Or, if the Principal shall provide alternate financial assurance as specified in the Department's regulations and obtain the director's written approval of such assurance, within 60 days of the date notice of cancellation is received by the Director of the Department of Environmental Quality from the Surety, then this obligation will be null and void, otherwise it is to remain in full force and effect for the life of the vessel identified above.
The Surety shall become liable on this bond obligation only when the Principal has failed to fulfill the conditions described above. Upon notification by the Director of the Department of Environmental Quality, Commonwealth of Virginia, that the Principal has been found in violation of the requirements of the Department's regulations, the Surety must forfeit the penal sum of the bond and deposit the entire amount of the bond into the standby trust established for this purpose.
The Surety hereby waives notification of amendments to any plans, orders, applicable laws, statutes, rules, and regulations and agrees that such amendments shall in no way alleviate its obligation on this bond.
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 penal sum of the bond, but in no event shall the obligation of the Surety hereunder exceed the amount of said penal sum.
The Surety may cancel the bond by sending written notice of cancellation to the owner or operator and to the Department of Environmental Quality, Commonwealth of Virginia, provided, however, that cancellation cannot occur during the 120 days beginning on the date of receipt of the notice of cancellation by the department as shown on the signed return receipt.
The Principal may terminate this bond by sending written notice to the Surety, provided, however, that no such notice shall become effective until the Surety receives written authorization for termination of the bond by the Director of the Department of Environmental Quality, Commonwealth of Virginia.
In witness whereof, the Principal and Surety have executed this Surety Bond and have affixed their seals on the date set forth above.
The persons whose signatures appear below hereby certify that they are authorized to execute this surety bond on behalf of the Principal and Surety and that the wording of this surety bond is identical to the wording specified in the relevant regulations of the Commonwealth of Virginia, Department of Environmental Quality.
Principal
Signature(s):..........
Name(s) and Title(s) [typed]..........
Corporate Surety
Name and Address:..........
State of Incorporation:..........
Liability Limit: $.....
Signature(s):..........
Name(s) and Title(s) [typed]..........
Corporate Seal:
SCHEDULE A
IDENTIFICATION OF COVERED VESSELS
Surety Bond [insert bond number] is applicable to the following vessels:
Vessel Name Gross tons Owner Operator
9 Va. Admin. Code § 20-170-400:2
Statutory Authority
§§ 10.1-1402 and 10.1-1454.1 of the Code of Virginia.