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PREMIUM IS FOR CONTRACT TERM BOND NUMBER: CAC 711545
<br /> AND IS SUBJECT TO ADJUSTMENT PREMIUM INCLUUED IN PERFORMANCE BOND
<br /> � BASED ON FINAL CONTRACT AMOUNT. EXECUTED IN DUPLICATE
<br /> � PAYMENT BOND
<br /> KNOW ALL MEN BY THESE PRESENTS: That we,
<br /> Pacific Electric Contracting, Inc.
<br /> as Principal, and, Merchants Bonding Company(Mutual) organized
<br /> and existing under the laws of the State of --�al+�craia
<br /> iowa and authorized to
<br /> ,
<br /> execute bonds and undertaking as sole surety, as Surety, are held and firmly bound unto
<br /> any and all persons named in California Civil Code Section 3181 whose claim has not
<br /> been paid by the Contractor, company or corporation in the aggregate total of
<br /> Thirty-Seven Thousand,Three Hundred Seven Dollars and 00/100 DOIIafS ($ 37,307.00 �
<br /> (being 100% of the Contract amount) for the payment whereof, well and truly to be
<br /> made, said Principal and Surety bond themselves, their heirs, administrators,
<br /> successors, and assigns,jointly and severally,firmly by these presents.
<br /> THE CONDITION OF THE FOREGOING OBLIGATION IS SUCH that, whereas the
<br /> above with the City of Redwood City ("City")to do the following work, to-wit:
<br /> BREWSTER AVENUE/BROADWAY BICYCLE DETECTION PROJECT
<br /> NOW,THEREFORE, if the above-bounden Principal or his subcontractors fail to pay any
<br /> of the persons named in Section 3181 of the Civil Code of the State of California, or
<br /> amounts due under the Unemployment Insurance Code with respect to work or labor
<br /> pertormed under the Contract, or for any amounts required to be deducted, withheld,
<br /> and paid over to the Employment Development Department from the wages of
<br /> employees of the Contractor and his subcontractor pursuant to Section 13020 of the
<br /> Unemployment Insurance Code of the State of California, with respect to such work and
<br /> labor, the surety will pay for the same, in the amount not exceeding the sum specified in
<br /> this bond, and also, in case suit is brought upon this bond, a reasonable attorney's fee,
<br /> to be fixed by the Court.
<br /> This bond shall inure to the benefit of any person named in Section 3181 of the Civil
<br /> Code of the State of California so as to give a right of action to them or their assignees in
<br /> suit brought upon this bond.
<br /> This bond is executed and filed to comply with the provisions of the act of the Legislature
<br /> of the State of California as designated in Civil Code Sections 3247-3252, inclusive, and
<br /> all amendments thereto.
<br /> And the said Surety, for value received, hereby stipulates and agrees to waive the
<br /> provisions of California Civil Code Section 2819 regarding consent to change, extension
<br /> of time alteration, or addition to the terms of the Contract, or to the work to be performed
<br /> thereunder, or the Specifications accompanying the same, shall in any way affect its
<br /> obligations on this bond; and it does hereby waive notice of any such change, extension
<br /> of time, alteration, or addition to the terms�of the Contract, or to the work, or to the
<br /> Specifications.
<br /> BREWSTER AVENUE/BROADWAY BICYCLE DETECTION PROJECT
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