|
<br />Bond No. 6346962
<br />Premium Included in
<br />Performance Bond
<br />
<br />PAYMENT BOND
<br />
<br />KNOW ALL MEN BY THESE PRESENTS: That we, Power Engineering Contractors, Inc.
<br />Safeco Insurance Company
<br />as Principal, and, of America organized and existing under the laws of the
<br />State of Washingt~d authorized to execute bonds and undertaking as sole surety, as Surety,
<br />are held and firmly bound unto any and all persons named in California Civil Code Section 3181
<br />whose claina. ha nod been p"aid bv the Contractor, çOO1Dany or corporation in the aggregate total
<br />of ~even un re Twent ~~U~~~d _~~d _no /1 UU (being 100% of the Contract amount)
<br />for the payment whereof, well and truly to be made, said Principal and Surety bond themselves,
<br />their heirs, administrators, successors, and assigns, jointly and severally, firmly by these
<br />presents.
<br />
<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 />
<br />EMERGENCY WORK - 5TH AVENUE PUMP STATION
<br />
<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
<br />under the Unemployment Insurance Code with respect to work or labor performed under the
<br />Contract, or for any amounts required to be deducted, withheld, and paid over to the
<br />Employment Development Department from the wages of employees of the Contractor and his
<br />subcontractor pursuant to Section 13020 of the Unemployment Insurance Code of the State of
<br />California, with respect to such work and labor, the surety will pay for the same, in the amount
<br />not exceeding the sum specified in this bond, and also, in case suit is brought upon this bond, a
<br />reasonable attorney's fee, to be fixed by the Court.
<br />
<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 />
<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 />
<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
<br />it 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 />
<br />IN WITNESS WHEREOF, the above bounden parties have executed this instrument under their
<br />seals this 16th day of September , 2005 the name and corporate seal of
<br />each corporate party being hereto affixed and these presents duly signed by its undersiQned
<br />representative, pursuant to authority of its governing body.
<br />
<br />ATTEST:
<br />
<br />PAYMENT BOND
<br />
<br />00620-1
<br />
|