Agmt12 O'Grady Paving Inc. - Laserfiche WebLink

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Bond #: 105788375 Premium : included in perf bond PAYMENT BOND KNOW ALL MEN BY THESE PRESENTS: That we, O'Grady Pavinq, Inc. as Principal, and, Travelers Casualty and Suretv Company of America organized and existing under the laws of the State of __..___._.__. Connecticut , and aufhorized to execute bonds and undertaking as sole surety, as Surety, are held and firmly bound unto any and aU persons named in California Civil Code Section 3181 whose claim has not been paid by the Contrac#or, company or corporation in the aggregate tofal of Eight Hundred Sixty Seven Thousand Five Hundred Sixty Four----- DOBaCS ($ 867,564 ) (b8111g 100% of the Contract amount) for the payment whereof, well and truly to be made, said Principal and Surety bond themselves, their heirs, administrators, successors, and assigns, jointfy and severally, firmly by these presents. THE CONDf710N OF THE FOREGOING OBLIGATION IS SUCH fhat, whereas the above with the Cify of Redwood City ("City") to do the fol[owing work, to-wit: 2011-2012 SPOT REPAIR AND OVERLAY PROJECT N�W, THEREFORE, if the above-bounden Principal or his subcontractors fail to�pay any of the persons named in Section 3181 of the Civil Code of the State of Ca[ifornia, or amounfs due under the Unemployment Insurance Code with respect to work or fabor performed under the Contract, or for any amaunts required to be deducte�, withheld, and paid over to the Employment Development Department from the wages af employees of the Contractor and his subcontractor pursuant to Section 13020 of the Unemployment [nsurance Code of the State of California, with respect to such work and labor, the surety wilf pay for #he same, in the amount not excesding the sum specified in this bond, and also, in case suit is brought upon this bond, a reasonable attorney's fee, to be fixed by the Court. This bond shall inure to the benefit of any person named in Sec#ion 3181 of the Civi! Code of the State of California so as to give a right of action to them or their assignees in suit brought upon this bond. This bond is executed and filed to comply with fhe provisions of the act of the Legislature of the State of California as designated in Civil Code Sections 3247-3252, inclusive, and all amendments thereto. And the said Surety, for va(ue received, hereby stipulates and agrees to waive the provisions of California Civil Code Section 2819 regarding consent to change, extension of time alteration, or addition to the terms of the Contract, or to the work to be pertormed thereunder, or the Specifications accompanying the same, shall in any way affect its obligations on this bond; and it does hereby waive notice of any such change, extension of time, alteration, or addition #o the terms of the Contract, or to the wark, or to the Specifications. 201 i-2012 SPOT REPAiR AND OVERLAY PftOJECT