Agmt21 Nor-Cal Settlement - Laserfiche WebLink

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AGREEMENT This Settlement and Release Agreement (the "Agreement") is made by and among Nor -Cal Pipeline Services ("Nor -Cal"), the City of Redwood City (the "City"), United Fire & Casualty Company ("United"), and Seton Pacific Construction, Inc. ("SPC"), each of whom may sometimes be referred to herein as "Party" or "Parties." RECITALS A. The City is the owner of a public work of improvement known as the Rule 20 Middlefield Road Phase 1 - Underground Utility District Project located at or near 1017 Middlefield Road, Redwood City, CA, 94063 (the "Project"). B. SPC, as a direct contractor, entered into a written agreement with the City to perform work at the Project. C. SPC furnished a statutory public works payment bond, number 54213558 (the "Payment Bond") in connection with the Project. The Payment Bond was issued and executed by United as surety and SPC as principal. D. Pursuant to its subcontract with SPC, Nor -Cal agreed to provide SPC with certain labor and materials, including Closed Circuit Television Video for the Project. E. Nor -Cal contends that it is owed payment by SPC for labor and materials supplied to the Project. On or about September 4, 2020, Nor -Cal filed a stop payment notice with the City in the amount of Twenty One Thousand Eight Hundred Twenty Seven Dollars and Fifty Cents ($21,827.50) (the "Stop Payment Notice"). F. Upon receipt of the Stop Payment Notice, the City withheld 125% of the Stop Payment Notice amount from retention payments on the Project that were due or will become due to SPC in accordance with Civil Code section 9358. G. The Parties have agreed to resolve the Stop Payment Notice by the City making direct payment to Nor -Cal from Project funds otherwise payable to SPC in accordance with the terms and conditions of this Agreement. TERMS NOW, THEREFORE, for valuable consideration, the sufficiency of which is hereby acknowledged, and in consideration of the mutual covenants and agreements hereinafter expressed, the Parties agree to resolve Nor-Cal's Stop Payment Notice, while reserving their rights on all other claims as follows: 1. Payment by the City. Within ten (10) days after the conditions set forth in Paragraph 2 have all been met, the City shall pay and send to Nor -Cal the sum Twenty One Thousand Eight Hundred Twenty Seven Dollars and Fifty Cents ($21,827.50) (the "Settlement Payment"). The Settlement Payment shall be deemed to be City payment to SPC and SPC payment to Nor -Cal in connection with the Project. SPC authorizes the City to submit the Settlement Payment directly to Nor -Cal as specified herein, and further ATTY/AGR/SETTLEMENTS/NOR-CAL PIPELINE SERVICES SETTLEMENT AGREEMENT REV: 01-27-2021 MI Page 1 of 7