|
PREMIUM IS FOR CONTRACT TERM
<br />AND IS SUBJECT TO ADJUSTMENT
<br />BASED ON FINAL CONTRACT AMOUNT.
<br />PAYMENT BOND
<br />KNOW ALL MEN BY THESE PRESENTS: That we,
<br />C2R Engineerinq,Inc.
<br />as Principal, and, Hartford Fire Insurance Company
<br />existing under the laws of the
<br />Connecticut
<br />BOND NUMBER: 57BCSHM0054
<br />EXECUTED IN DUPLICATE
<br />PREMIUM INCLUDED IN PERFORMANCE BOND.
<br />organized and
<br />State of—Galifomia
<br />and authorized to execute
<br />bonds and undertaking as sole surety, as Surety, are held and firmly bound unto any and all
<br />persons named in California Civil Code Section 3181 whose claim has not been paid by the
<br />Contractor, company or corporation in thecc aggregate total of
<br />Four Hundred Thirty -Two Thousand, Nine Hundred Fifteen Dollars and 001100 Dollars (yr 432,915.00 ) (being
<br />100% of the Contract amount) for the payment whereof, well and truly to be made, said Principal
<br />and Surety bond themselves, their heirs, administrators, successors, and assigns, jointly and
<br />severally, firmly by these presents.
<br />THE CONDITION OF THE FOREGOING OBLIGATION IS SUCH that, whereas the above with
<br />the City of Redwood City ("City") to do the following work, to -wit:
<br />LINDEN PARK RECONSTRUCTION PROJECT
<br />NOW, THEREFORE, if the above -bounden Principal or his subcontractors fail to pay any of the
<br />persons named in Section 3181 of the Civil Code of the State of California, or amounts due under
<br />the Unemployment Insurance Code with respect to work or labor performed under the Contract,
<br />or for any amounts required to be deducted, withheld, and paid over to the Employment
<br />Development Department from the wages of employees of the Contractor and his subcontractor
<br />pursuant to Section 13020 of the Unemployment Insurance Code of the State of California, with
<br />respect to such work and labor, the surety will pay for the same, in the amount not exceeding the
<br />sum specified in this bond, and also, in case suit is brought upon this bond, a reasonable
<br />attorney's fee, to be fixed by the Court.
<br />This bond shall inure to the benefit of any person named in Section 3181 of the Civil Code of the
<br />State of California so as to give a right of action to them or their assignees in suit brought upon
<br />this bond.
<br />This bond is executed and filed to comply with the provisions of the act of the Legislature of the
<br />State of California as designated in Civil Code Sections 3247-3252, inclusive, and all
<br />amendments thereto.
<br />And the said Surety, for value received, hereby stipulates and agrees to waive the provisions of
<br />California Civil Code Section 2819 regarding consent to change, extension of time alteration, or
<br />addition to the terms of the Contract, or to the work to be performed thereunder, or the
<br />Specifications accompanying the same, shall in any way affect its obligations on this bond; and it
<br />does hereby waive notice of any such change, extension of time, alteration, or addition to the
<br />terms of the Contract, or to the work, or to the Specifications.
<br />IN WITNESS WHEREOF, the above bounden parties have executed this instrument under their
<br />seals this 31st day of January , 2017 the name and corporate seal of
<br />each corporate party being hereto affixed and these presents duly signed by its undersigned
<br />representative, pursuant to authority of its governing body.
<br />PAYMENT BOND
<br />LINDEN PARK RECONSTRUCTION PROJECT
<br />
|