Agmt06 G. Bortolotto Company - Laserfiche WebLink

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Bond Number: 104043146 Bond Premium: $7,713.00 SECTION 00620 PAYMENT BOND KNOW ALL MEN BY THESE PRESENTS: That we, G. Bortolotto and Company, Inc. as Principal, and. Travelers Casualty and Surety Company of America organized and existing under the laws of the State of Califomia , and authorized to executa bonds and undertaking as sole surety, as Surety, are held and firmly bound unto any and all persons named in California Civil Code Section 3181 whose claim has not been paid by the Contractor, company or corporation in tJ1e aggregate total of Eight hundred eighty seven thousand, six hundred and five dollars, thirty nine cents Dollars ( $ 887,605.39Xbeing 100% of the Contract amount) ror the pa'yment whereof, well and truly to be made. said Principal and Surety bond themselves, their heirs, administrators, successors, and assigns. jointly and severally. firmiy by these presents. THE CONDITION OF THE FOREGOING OBLIGATION IS SUCH that, wt1ereas the above with the City of Redwood City ("City") to do the following work, to-wit: 2005-2006 STREET OVERLAY PROJECT (Whipple Avenue. Industrial Way - Alameda de las Pulgas) NOW, THEREFORE, jf the above-bounden Principal or his subcontractors fail to pay any of the persons named in Section 3181 of the Civil Code of the State of Califomia, or amounts due under the Unemployment Insurance Code with respect to work or labor performed under the Contract. or for any amounts required to be deducted. withheld, and paid over to the 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 nat exceeding the sum specified in this bond. and also, in case suit is brought upon tr,is bond, a reasonable attomey's fee, to be fiXed by the Court. This bond shall inure to the benefit of any person named in Section 3181 of the Civil Code of tJ1e State of California so as to give a right of action to them or their assignees in suit brought upon this bond. This bond is executed and filed to comply with ttle provisions of tha 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 Civil Code Section 2819 regarding consent to change, extension of time alteration, or addition to the terms of ths 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 tile Specifications. PAYMENT ElOND 00620-1 2005-2006 STREET OVERLAY PROJECT (WhipplO Avenue - Industrial Way - AlamGd3 de las Pulgas)