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<br />ORIGINAL <br /> <br />SETTLEMENT AGREEMENT AND MUTUAL RELEASE <br /> <br />The parties to this Settlement Agreement and Mutual Release ("the Agreement) are the City of <br /> <br />Redwood City, a chartered municipal corporation of the State of Cali fomi a (hereinafter "the City"), and <br /> <br />Interstate Grading & Paving, Inc. (hereinafter "IGP"). Each individual and entity referred to above may <br /> <br />be identified as "party" and all individuals may collectively be identified as "parties." <br /> <br />RECITALS <br /> <br />1. The parties wish to settle the hereinafter described dispute without resorting to further legal <br /> <br />proceedings. The parties desire fully and finally to compromise, settle and discharge all claims, <br /> <br />controversies, demands, actions or cam;es of action which either pal1y may have against any other party, <br /> <br />except as set forth in this Agreement. <br /> <br />2. The dispute arises from a project known as the Roosevelt Avenue Reconstruction Project, Phase II, <br /> <br />from Valota Road to Hudson Street (the "Project"). The City was the owner of the Project. <br /> <br />3. The General Scope of Work for the Project consisted of the following: <br /> <br />a. <br /> <br />Part A consisted of removal and reconstruction of an existing street including pavement <br /> <br />structural section, curb and gutter, sidewalk, new street lights, new signing and striping, new <br /> <br />water main, sewer and storm drain systems and all other associated work. <br /> <br />b. Part B consisted of the conversion of the existing overhead utilities to underground. <br /> <br />4. On or about January 16,2002, in accordance with the requirements of the bid, IGP submitted its bid <br /> <br />proposal to the City. IGP was determined to be the apparent lowest responsible bidder for the Project. <br /> <br />5. On or about January 28,2002, the City awarded the contract for the work to IGP by action of the <br /> <br />City Council. <br /> <br />6. On or about March 25, 2002, IGP commenced work on the Project. <br /> <br />7. During IGP's work on the Project, a dispute arose between IGP and the City related to alleged <br /> <br />differing site conditions, delays, extra work and IGP's request for additional compensation for <br /> <br />Settlement Agreement and Mutual Release <br />Page I <br />