Free 39284.PDF - Indiana


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INSTITUTIONAL SURETY BOND
STATE FORM 39284 (R3/4-01)

INDIANA COMMISSION ON PROPRIETARY EDUCATION
Bond No._______________________

KNOW ALL MEN BY THESE PRESENTS: That we,_____________________________________________________________, of the City of____________________, State of____________________, as Principal, and ___________________________________________ a corporation organized under the laws of the State of ________________________, and duly authorized to transact business in the State of Indiana, as Surety, are held and firmly bound unto the State of Indiana, as Obligee, in the penal sum of ________________________ Dollars, lawful money of the United States, for which payment, well and truly to be made, we bond ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents. WHEREAS, the above bounden Principal has obtained or is about to obtain from the said Obligee accreditation to operate an educational institution pursuant to Indiana Code, Title 20, Article 1, Chapter 19, and the term of said accreditation is effective: Beginning the _________day of _____________, ____, and Ending the ____________day of ______________, ____. WHEREAS, the Principal is required by Indiana Code, Title 20, Article 1, Chapter 19, Section 8, to file with the Indiana Commission on Proprietary Education for the above indicated term and conditioned as hereinafter set forth, a surety bond to provide indemnification to any student or enrollee who shall suffer loss or damage as a result of the Principal having failed or neglected to faithfully perform all agreements, express or otherwise, with the student, enrollee, or the parents or guardians thereof as represented by the application for the accreditation and the materials submitted in support of that application, or as a result of having failed or neglected to maintain and operate a course or courses of instruction or study in compliance with the standards of Indiana Code, Title 20, Article 1, Chapter 19. NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that if the above bounden Principal as such accredited institution shall indemnify said Obligee against all loss, cost, expenses, or damage to it caused by said Principal's noncompliance with or breach of any law, statutes, ordinances, rules or regulations pertaining to such accreditation issued to the Principal, which said breach or noncompliance shall occur during the aforementioned term of said accreditation, and shall further provide indemnification to any student or enrollee who shall suffer loss or damage as a result of the Principal having failed or neglected to faithfully perform all agreements, express or otherwise, with the students, enrollee, or the parents or guardians thereof as represented by the application for the accreditation and materials submitted in support of that application, or as a result of having failed or neglected to maintain and operate a course or courses of instruction or study in compliance with the standards of Indiana Code, Title 20, Article 1, Chapter 19, then this obligation shall be void, otherwise to remain in full force and effect. PROVIDED, that recovery under this bond shall be governed by applicable statutory procedure and by applicable regulations promulgated by the Commission on Proprietary Education. PROVIDED FURTHER, that this bond may be cancelled by the Surety as to subsequent liability by giving thirty (30) days notice in writing to said Obligee. Signed, sealed and dated the _______day of ___________,____.
SURETY SEAL

___________________________ __________________________ Surety ___________________________ Principal

By _______________________ Attorney-in-Fact Attach Power of Attorney

By_________________________ Chief Administrative Officer