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Parental Guarantee Agreement Form. This is a Maryland form and can be use in Adjudication Claims Workers Compensation.
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Tags: Parental Guarantee Agreement, A-04, Maryland Workers Compensation, Adjudication Claims
STATE OF MARYLAND
WORKERS’ COMPENSATION COMMISSION
10 E. BALTIMORE STREET
BALTIMORE, MARYLAND 21202
PARENTAL GUARANTEE AGREEMENT
WHEREAS, (subsidiary name)
is a firm doing business in the State of Maryland and subject to the Maryland Workers’ Compensation Act as
reenacted and amended (hereinafter referred to as the “Act”) and,
WHEREAS, the said
(hereinafter referred to as “subsidiary”) is a subsidiary of
(hereinafter referred to as “parent”) located at
Street address
City, State, ZIP code
NOW, THEREFORE, in order to additionally secure the payment of workers’ compensation which
may now be due or which may become due as an obligation of the subsidiary as a self-insurer under the Act,
IT IS HEREBY AGREED by the parent that in the event there shall be at any time a default in the
payment of any and all claims for workers’ compensation medical, surgical, financial expenses and assessments
that hereafter may be awarded for past, present and future occurrences against the subsidiary, the Parent will,
upon due notice from the Maryland Workers’ Compensation Commission (hereinafter referred to as
“Commission”) pay such sums as are in default and thereafter assume such payments of workers’
compensation as become due as an obligation of the Subsidiary until such time as the Subsidiary is able to
resume, to the satisfaction of the Commission, such payments of workers’ compensation as shall become due
and payable.
IT IS FURTHER AGREED that payment made under this agreement shall in no way affect, or be in lieu
of, any other agreements or bond securing compensation payments executed pursuant to the requirements of
the Act and the rules and regulations of the Commission.
IT BEING FURTHER UNDERSTOOD AND AGREED that this agreement and the execution thereof
shall not be in lieu of or otherwise change the requirements of the Act and the rules and regulations of the
Commission pertaining thereto.
IN WITNESS WHEREOF, this
day of
,2
the Parent, as guarantor of the Subsidiary, has caused this agreement to be executed by their duly constituted
officers and their respective seals, duly attested, affixed thereto.
Parent Company Name
By
Treasurer signature
ATTEST:
Treasurer name
Secretary signature
Secretary name
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STATE OF MARYLAND
WORKERS’ COMPENSATION COMMISSION
10 E. BALTIMORE STREET
BALTIMORE, MARYLAND 21202
BOARD RESOLUTION
Parent
Certified copy of Resolution adopted by Board of Directors on the
day of
,2
.
I,
hereby certify that I am Secretar y of
(Parent)
,
a corporation organized and existing under the laws of the State of
;
that the following is a true and correct copy of a resolution duly adopted by the Board of Directors of said
Corporation at a meeting thereof duly held on the
day of
,2
, at which a
quorum was present and acting throughout; and that said resolution has not been amended, revoked or
rescinded and is now in full force and effect.
RESOLVED, that the President and Treasurer of this Corporation be, and they hereby are authorized,
from time to time, in the name and on behalf of this Corporation and under its corporate seal or otherwise as
they shall deem proper, to execute and deliver instruments whereby this Corporation shall guarantee the
payment by any one or more of the subsidiary companies of this Corporation (including within the term
“subsidiary companies of this Corporation” any and all companies or corporations which this Corporation
controls directly or indirectly through stock ownership) of all compensation payable to employees, dependents
or others entitled thereunder, or legal representatives thereof, under the Maryland Workers’ Compensation Act,
as amended, such guarantee to be in such form as the duly constituted public authorities of the State of
Maryland shall require and the officers of this Corporation executing same shall approve.
I further certify that (subsidiary)
is a majority owned (
%) subsidiary company
,
of (parent)
.
IN WITNESS WHEREOF, I have hereunto set my hand and caused to be affixed the seal of
(parent)
this
day of
,2
.
Secretary Signature
Secretary Name
(Corporate Seal)
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