|
REV: 06-29-21 MI
<br />EXHIBIT “B”
<br />PAYMENT BOND
<br />KNOW ALL MEN BY THESE PRESENTS: That we, XXXXXX, as Principal, and, [NAME OF
<br />SURETY BOND PROVIDER], organized and existing under the laws of the State of
<br />[STATE OF SURETY BOND PROVIDER’S INCORPORATION/FORMATION]
<br /> , and authorized to execute
<br />bonds and undertaking as sole surety, as Surety, are held and firmly bound unto the City and
<br />all contractors, subcontractors, laborers, materialmen, and other persons employed in the
<br />performance of work under the Agreement and Associated permits who are referred to in Title
<br />3 (commencing with Section 9000) of Part 6 of Division 4 of the Civil Code of the State of
<br />California whose claim has not been paid in the aggregate total of Two Hundred Thousand
<br />Dollars ($200,000) (being 100% of the amount required by Section 4.1(b) of the Agreement
<br />(as defined below)) for the payment whereof, well and truly to be made, said Principal and
<br />Surety bond themselves, their heirs, administrators, successors, and assigns, jointly and
<br />severally, firmly by these presents.
<br />THE CONDITION OF THE FOREGOING OBLIGATION IS SUCH that, whereas the above
<br />Principal and the City of Redwood City, California (“City”) have entered into that certain
<br />Encroachment Agreement dated ______________ ____, 20___ (“Agreement”) pursuant to
<br />which Principal may apply for one of more Encroachment Permits (“Associated Permits”) to
<br />perform certain work in the City’s right-of-way, which work will be performed subject to the
<br />terms of the Agreement and any Associated Permit;
<br />NOW, THEREFORE, if the above-bounden Principal or his subcontractors fail to pay any of
<br />the persons named in Title 3 (commencing with Section 9000) of Part 6 of Division 4 of the
<br />Civil Code of the State of California, or amounts due under the Unemployment Insurance Code
<br />with respect to work or labor performed under the Agreement and any Associated Permits,
<br />or for any amounts required to be deducted, withheld, and paid over to the Employment
<br />Development Department pursuant to Section 13020 of the Unemployment Insurance Code
<br />of the State of California, with respect to such work and labor, the surety will pay for the
<br />same, in the amount not exceeding the sum specified in this bond, and also, in case suit is
<br />brought upon this bond, a reasonable attorney's fee, to be fixed by the Court.
<br />This bond shall inure to the benefit of any person entitled to file claims under Title 3
<br />(commencing with Section 9000) of Part 6 of Division 4 of the Civil Code of the State of
<br />California of the Civil Code of the State of California so as to give a right of action to them or
<br />their assignees in suit brought upon this bond.
<br />This bond is executed and filed to comply with the provisions of the act of the Legislature of
<br />the State of California as designated in Civil Code Sections 9550-9566, inclusive, and all
<br />amendments thereto.
<br />And the said Surety, for value received, hereby stipulates and agrees to waive the provisions
<br />of California Civil Code Section 2819 regarding consent to change, extension of time
<br />alteration, or addition to the terms of the Permit, or to the work to be performed thereunder,
<br />or the specifications accompanying the same, and the effect of any such change, extension
<br />of time, alteration, or addition on its obligations on this bond; and it does hereby waive notice
<br />ATTY/AGR.2021.160/INTERMOUNTAIN INFRASTRUCTURE GROUP (Fiber Agreement) (Page 17 of 18)
|