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REV: 09-30-22 SK
<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 all
<br />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 3
<br />(commencing with Section 9000) of Part 6 of Division 4 of the Civil Code of the State of California
<br />whose claim has not been paid in the aggregate total of Two Hundred Thousand Dollars
<br />($200,000) (being 100% of the amount required by Section 4.1(b) of the Agreement (as defined
<br />below)) for the payment whereof, well and truly to be made, said Principal and Surety bond
<br />themselves, their heirs, administrators, successors, and assigns, jointly and severally, firmly by
<br />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 terms
<br />of the Agreement and any Associated Permit;
<br />NOW, THEREFORE, if the above-bounden Principal or his subcontractors fail to pay any of the
<br />persons named in Title 3 (commencing with Section 9000) of Part 6 of Division 4 of the Civil
<br />Code of the State of California, or amounts due under the Unemployment Insurance Code with
<br />respect to work or labor performed under the Agreement and any Associated Permits, or for
<br />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 of
<br />the State of California, with respect to such work and labor, the surety will pay for the same,
<br />in the amount not exceeding the sum specified in this bond, and also, in case suit is brought
<br />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 California
<br />of the Civil Code of the State of California so as to give a right of action to them or their assignees
<br />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 the
<br />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 of
<br />California Civil Code Section 2819 regarding consent to change, extension of time alteration, or
<br />addition to the terms of the Permit, or to the work to be performed thereunder, or the
<br />specifications accompanying the same, and the effect of any such change, extension of time,
<br />alteration, or addition on its obligations on this bond; and it does hereby waive notice of any
<br />such change, extension of time, alteration, or addition to the terms of the Contract, or to the
<br />work, or to the specifications.
<br />ATTY/AGR.2022.364/Bandwidth IG, LLC (New Fiber Install) (Page 18 of 20)
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