Agmt98 Martin Campus Ass... (2) - Laserfiche WebLink

Browse Search

'~ond No.: JX5336 PREMIUM INCLUDED IN PERFORMANCE BOND LABOR AND MATERIAL BOND Mateo, State of California, and T ~E , (hereafter designated as "Principal") have entered into an agreement whereby Principal agrees to install and complete certain designated public improvements, which said agreement, dated , 19__, and identified as Project SEE BELOW , is hereby referred to and made a Dart hereof; and ~*IM~ROVEMENT OF @ HOME CORPORATE CAMPUS PHASE 2 WHEREAS, under the terms of the agreement, Principal is required before entering upon the performance of the work to file a good and sufficient payment bond with the City to secure the claims to which reference is made in Title 15 (commencing with section 3082) of Part 4 of Division 3 of the Civil Code of the State of California; NOW, THEREFORE, we, the Principal and the undersigned as corporate Surety, are held and firmly bound unto the City and all contractors, subcontractors, laborers, materialmen, and other persons employed in the performance of the agreement and referred to in Title 15 of the Civil Code* in the sum of $'l.100,000.$0for materials furnished or labor thereon of any kind, or for amounts due under the Unemployment Insurance Act with respect to such work or labor, that Surety will pay the same in an amount not exceeding the amount set forth. If suit is brought on this bond, Surety will pay, in addition to the face a~ount thereof, costs and reasonable expenses and fees, including reasonable attorneys' fees, incurred by the City in successfully enforcing the obligation, to be awarded and fixed by the Court, to be taxed as costs, and to be included in the judgment rendered. it is hereby expressly stipulated and agreed that this bond shall inure to the .benefit of any and all persons, companies, and corporations entitled to file claims under Title 15 (commencing with section 3082) of Part 4 of Division 3 of the Civil Code, so as to give a right of action to them or their assigns in any suit brought upon this bond. If the condition of this bond is fully performed, then this obligation shall become null and void; otherwise, it shall be and remain in full force and effect. The Surety hereby stipulates and agrees that no change, extension of time, alteration, or addition to the terms of the agreement or the specifications accompanying the agreement shall in any manner affect its obligations on this bond. The Surety hereby waives notice of any such change, extension, alteration, or addition. * Although Govt C ~66499.2 says "Code of Civil Procedure" at this point, the reference is obviously to the Civil Code.