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DAS~mmg 05/18/89 (#40/017) <br /> <br /> pursuant to this agreement. <br /> <br /> 12. The Contractor shall provide, on the execution of this <br /> agreement, a good and sufficient corporate surety bond in the <br /> penal sum of one hundred percent (100%) of amount bid, which bond <br /> shall be conditioned upon the faithful performance of all work <br /> required to be performed by the Contractor under this agreement. <br /> Said bond shall be liable for any and all penalties and <br /> obligations which may be incurred by Contractor under this <br /> agreement. <br /> <br /> 13. In addition to the bond required under Paragraph 9, <br />hereof, Contractor shall furnish a good and sufficient corporate <br />surety bond in the penal sum of one hundred percent (100%) of <br />amount of bid, which bond shall conform strictly with the <br />provisions of Chapter 7, Title 15, Part 4, Division 3, of the <br />Civil Code of the State of California, and all amendments <br />thereto. <br /> <br /> 14. Pursuant to California Pub. Con. Code. Section 7100, the <br />acceptance by the Contractor of an undisputed payment made under <br />the terms of the contract shall operate as, and shall be, a <br />release to the City, and their duly authorized agents, from all <br />claim of and/or liability to the Contractor arising by virtue of <br />the contract related to those amounts. Disputed contract claims <br />in stated amounts may be specifically excluded by the Contractor <br />from the operation of the release. <br /> <br /> 15. The Contractor may substitute securities for the <br />amounts retained by the City to ensure performance of the <br />contract in accordance with the provisions of Section 22300 of <br /> <br /> 15 <br /> <br /> <br />