Ohio > Workers Comp > Employers
Unconditional And Continuing Guarantee BWC SI-38 - Ohio
| Unconditional And Continuing Guarantee Form. This is a Ohio form and can be used in Employers Workers Comp . |
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Unconditional and Continuing Guarantee by , parent corporation, in the matter of self-insurance of , subsidiary of said Guarantor, under the Workers Compensation Law Of Ohio. For one Dollar and other valuable consideration, receipt prepared in conformity with generally accepted accounting principles of which is hereby acknowledged, and to encourage the Bureau anofd correctly reflect valid transactions and asset values and correctly Workers Compensation of Ohioerei (h nafter called Bureau): to reflect the financial condition of the Guarantor. The Guarantor warrants extend self-insuring status to the that there has been no material adverse change which has not been disclosed to the Bureau in the Guarantors financial condition from that a subsidiary of shown on the financial statements which have been submitted as inducement to the Bureaus acceptance of this agreement. (hereinafter called Guarantor), undersigned Guarantor absolutely and unconditionally guarantees the prompt and Failure of the Guarantor to promptly pay obligations arising punctual payment, when due, byacceleration or otherwise, of hereunder constitutes a breach of this agreement. All obligations arising each obligation direct or indiect, now existing r or hereafter hereunder, whether presently owing or prospective on the date of the created or acquired with respect to payments owed by the breach, became due and owing as theof date of the breach of this subsidiary under the workers compensation laws of Ohio, agreement. together with all interest, charges, and penalties accruing thereon. All rights and remedies of the Bureau are cumulative to the It shall not be necessary for the Bureau to resort to othefur ll extent permitted by law. security or to exhaust its remedies against the subsidiary or against any security or to resort ptoroperty held as security before At any time hereafter, upon ninety (90) days written notice calling upon the undersigned for payment of any obligations, thfroe m the Guarantor the Bureau, the obligation of this agreement upon payment of which is herein guaranteed. the Guarantor may be terminated t aso all liabilities thereafter arising on account of any accident to any of the employees of the subsidiary The terms of this ageemr ent shall commence on the company thereafter occurring or on account of any assessment against effective date of the subsidiarys self-insurance and shall continuethe s ubsidiary company. in full force and effect until the self-insuring status of the subsidiary is cancelled by the Bureau or until the obligations This agreement shall be governed by and construed under the owed by the subsidiary to the Bureau are satisfied, whichever is laws of the State of Ohio exclusive of its rules relating to the choice of later. laws. The Guarantor hereby waives the following: IN WITNESS WHEREOF, the parties hereto have caused A. Notice of acceptance of this agreement by the Bureau. their signatures to be affixed hereto. B. Trial by jury and the right thereto in any action or proceeding of any kind, arising on, out of, under, or by reason of Executed at (city, state) this this Guaranty Contract, excepting those actions concerning the right of an employee or his dependents to participate or to d ay of , 200 . continue to participate in the State Insurance Fund. This Guaranty Contract is absolute, unconditional, andSignatur e continuing, and shall not be affected by any act or thing whatsoever except that obligations owed by subsidiary that Typed or printed name Title (corporate or notarial seal) commence after the date of the cancellation of self-insuring status of the subsidiary are exempt from the terms of this agreement. The Guarantor represents that, at the time of the Notary execution of this agreement, nothing exists to impair the effectiveness of the obligation the of Guarantor to the Bureau Typed or printed name hereunder, or the immediate takineffect of this agreemg ent as the sole agreement between the Guarantor and the Bureau with respect to the self-insurance of the subsidiary. NOTE: THIS GUARANTY IS TO BE SIGNED BY AN AUTHORIZED OFFICER The Guarantor warrants tha any financiat l statements UNDER THE CORPORATE SEAL OF THE PARENT. IT MAY ALSO BE SIGNED BEFORE A NOTARY. which were submitted to the Bureau by the Guarantor or anyone in the Guarantors behalf are true and correct and have been BWC Form SI 38 (revd 3/2003) American LegalNet, Inc. www.USCourtForms.com
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