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� <br /> INDENINITY AGREEMENT <br /> TH[S INDEMNITY AGREEMENT ("AgreemenY') is dated August � 201 I, and is by and <br /> between the City of Redwood City (the "City"), and SureTec Insurance Company, a Texas Corporation <br /> ("Surety"). The City and Surety shall be referred to herein collectively as the "Parties." <br /> RECITALS <br /> A. On or about July 23, 2009, Surery issued (1) a Faithful Performance Bond and (2) a Payment <br /> Bond, both on behalf of Peak Engineering (the "Contractor"), as Principal on said Bonds, and for <br /> the benefit of the City of Redwood Ciry, as beneficiary on said Bonds, with respect to the City's <br /> Sewer Force Main Replacement Project (from P.S. # 12 to P.S. # 10) (the "ProjecY'). <br /> B. The Contractor defaulted on contract obligations with respect to the Project. <br /> C. The Surety has, pursuant to the performance and payment bonds, discharged Contractors <br /> responsibilities and obligations to the City pursuant to the City's contract with the Contractor <br /> regarding the Project. <br /> D. Certain subcontractors and / or suppliers and or labor organizations and/or trust funds have <br /> served on the City stop notice claims regarding the Project. The stop notice claims served on <br /> Ciry consisted of the following: <br /> a. S&S Trucking - $18,473 <br /> b. Laborers Trust Fund of Northem California -$1Q629.87. <br /> c. Bond Blacktop, Inc. - $27,231.38. <br /> d. Riley's Striping, Inc. - $9.470.50. <br /> e. Granite Rock Company - $8,02332. <br /> f. Bond Blacktop - $2,42737. <br /> g. Operating Engineers' Health and Trust Fund -$19,858.91 plus $2,096.43 in interest. <br /> E. The above referenced stop notice claims shall be collectively referred to as the "Stop Notice <br /> Claims." <br /> F. The City is currently withholding $4Q569.67 in retention that is due and owing under the <br /> contract for the Project ("Retained Funds"), and there are no other funds due and owing to the <br /> Contractor by Ihe City for the Project. <br /> G. The City and Surety recognize and acknowledge that the funds the City curzently holds in <br /> retention may be insufficient to cover the value of all stop notice claims. <br /> H. Surety requests that the City release to Surety the available funds that are due and owing on <br /> account of work performed on the Project and the payments Surety made for such work, <br /> including for stop notices. <br /> ATTY/AGR/2011.001 S.CALI I Of 3 <br /> 080311 <br /> 1 <br /> � <br />