Agmt99 W L Butler Construction - Laserfiche WebLink

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6. PAYMENT BOND. In addition to the bond required under Paragraph 5 hereof, DB shall furnish a good and sufficient corporate surety bond in the penal sum of one hundred percent (100%) of the amount of the Construction Costs, which amount shall be determined upon receipt of all bids from Subcontractors prior to the commencement of the construction phase of the Project, and which bond shall conform strictly with the provisions of Chapter 7, Title 15, Part 4, Division 3, of the Civil Code of the State of California, and all amendments thereto. Acceptance of the bond by the City is subject to the review and approval of the bond by the City Attorney's office. DB may, in good faith, require Subcontractor, to obtain a one hundred percent (100%) payment bond. The subcontractor's cost of the payment bond shall be borne by the City, provided that City reserves the right to request a bond and bear the cost thereof. 7. EVIDENCE OF BONDS. DB shall provide to the City, upon execution of this Agreement, satisfactory evidence that DB will be able to obtain the bonds specified, in the two preceding paragraphs. 8. RELIEF OF SURETY. No payment or delay in payment, and no change in extension, addition or alteration of any provisions of this Agreement, or in said plans and profiles, details drawings, and specifications, and forbearance on the part of the City, shall operate and to relieve any surety or sureties from liability on the bond, and consent thereto without notice to or sent by such surety, is hereby given. The language of this paragraph shall be set forth in the surety bonds. 9. RELEASE. The acceptance by DB of an undisputed payment made under the terms of this Agreement shall operate as, and shall be, a release to City, and their duly authorized agents, from all claims of and/or liability to DB arising by virtue of the contract related to those amounts. Disputed contract claims in stated amounts may be specifically excluded by DB from the operation of the release. Agmt-247 F/sh/sh/RO/Oouncil FXS;rg 03/29/99R;O4/O~/99R, 04/07/99R -16-