Agmt01 Pacific Shores De... (4) - Laserfiche WebLink

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Bond #167 61 32 Premium: Included in Performance Bond PAYMENT BOND KNOW ALL MEN BY THESE PRESENTS: That we, P~ifi~ {;hgr~{~ p~v~lqpment, LLC as Principal, and, Insurance Comoanv of the West organized and existing under the laws of the State of California , and authorized to execute bonds and undertaking as sole surety, as Surety, are held and firmly bound unto any and all persons named in Califomia Civil Code Section 3181 whose claim has not been paid by the Contractor, company or corporation in the aggregate total of One Million. One Hundred Ninety-Six Thousand & no/100ths Dollars ($1~196~000.00 .... (being 100% of the Contract amount) for the payment whereof, well and truly to be made, said Principal and Surety bond themselves, their heirs, administrators, successors, and assigns, jointly and severally, firmly by these presents. THE CONDITION OF THE FOREGOING OBLIGATION IS SUCH that, whereas the above with the City of Redwood City ("City") to do the following work, to-wit: Construct certain improvements in connection with 1600 Seaport Boulevard (Lot 11) NOW, THEREFORE, if the above-bounden Prindpal or his subcontractors fail to pay any of the persons named in Section 3181 of the Civil Code of the State of California, or amounts due under the Unemployment Insurance Code with respect to work or labor performed under the Contract, or for any amounts required to ha deducted, withheld, and paid over to th® Employment Development Department from the wages of employees of the Contractor and his subcontractor pursuant to Section 13020 of the Unemployment Insurance Code of the State of California, with respect to such work and labor, the surety will pay for the same, in the amount not exceeding the sum specified in this bond, and also, in case suit is brought upon this bond, a reasonable attome~s fee, to be f'vxed by the Court. This bond shall inure to the benefit of any parson named in Section 3181 of the CMl Code of the State of California so as to give a dght of action to them or their assignees in suit brought upon this bond. This bond is executed and filed to comply with the provisions of the act of the Legislature of the State of California as designated in Civil Code Sections 3247-3252, inclusive, and all amendments thereto. And the said Surety, for value received, hereby stipulates and agrees to waive the provisions of California CMl Code Section 2819 regarding consent to change, extension of time alteration, or addition to the terms of the Contract, or to the work to be performed thereunder, or the Specifications accompanying the same, shall in any way affect its obligations on this bond; and it does hereby waive notice of any such change, extension of time, alteration, or addition to the terms of the Contract, or to the work, or to the Specifications. -1-