This section is from the book "The Law Of Contracts", by William Herbert Page. Also available from Amazon: Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises.
Know all men by these presents: That we, A. B., of ---------, ---------, as principal, and E. F., of ---------,---------, and G. H., of--------,---------, as sureties, are held and firmly bound unto C. D., of ---------, ---------, in the sum of --------dollars ($--------), for which payment well and truly to be made we do jointly and severally bind ourselves firmly by these presents.
The condition of this obligation is such, that, whereas, the late firm of A. B. & Company, composed of said A. B. and C. D., has this day been dissolved by mutual agreement whereby the said C. D. has retired from said firm, and has conveyed all his interest in its assets and property to said A. B., who intends to continue the business alone; and whereas, the said A. B., as part of the consideration of said agreement of dissolution, has agreed to pay all the debts and liabilities of said late firm of A. B. & Company. Now if the said A. B. shall pay all of the just debts and liabilities of said late firm of A. B. & Company, and shall hold the said C. D. harmless from any liability by reason of any debts or obligations of the said late firm of A. B. & Company, then this obligation shall be void; otherwise to be and remain in full force and effect.
In witness hereof, etc.