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SECTION 00620
<br /> PAYMENT BOND
<br /> KNOW ALL MEN BY THESE PRESENTS: That we,
<br /> as Principal, and, organized and existing
<br /> under the laws of the State of California
<br /> , and authorized to execute bonds
<br /> and undertaking as sole surety, as Surety, are held and firmly bound unto any and all persons named in
<br /> California Civil Code Section 3181 whose claim has not been paid by the Contractor, company or
<br /> corporation in the aggregate total of Dollars
<br /> ($ ) (being 100% of the Contract amount) for the payment whereof, well and truly
<br /> to be made, said Principal and Surety bond themselves, their heirs, administrators, successors, and
<br /> assigns,jointly and severally, firmly by these presents.
<br /> THE CONDITION OF THE FOREGOING OBLIGATION IS SUCH that, whereas the above with the City
<br /> of Redwood City ("City") to do the foilowing work, to-wit:
<br /> [PROJECT NAME]
<br /> NOW, THEREFORE, if the above-bounden Principal or his subcontractors fail to pay any of the
<br /> persons named in Section 3181 of the Civil Code of the State of California, or amounts due under the
<br /> Unemployment Insurance Code with respect to work or labor performed under the Contract, or for any
<br /> amounts required to be deducted, withheld, and paid over to the Employment Development Department
<br /> from the wages of employees of the Contractor and his subcontractor pursuant to Section 13020 of the
<br /> Unemployment Insurance Code of the State of California, with respect to such work and labor, the
<br /> surety will pay for the same, in the amount not exceeding the sum specified in this bond, and also, in
<br /> case suit is 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 named in Section 3181 of the Civil Code of the State
<br /> of California so as to give a right of action to them or 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 the State of
<br /> California as designated in Civil Code Sections 3247-3252, inclusive, and all 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 Contract, or to the work to be performed thereunder, or the Specifications
<br /> accompanying the same, shall in any way affect its obligations on this bond; and it does hereby waive
<br /> notice of any such change, extension of time, alteration, or addition to the terms of the Contract, or to
<br /> the work, or to the Specifications.
<br /> IN WITNESS WHEREOF, the above bounden parties have executed this instrument under their seals
<br /> this day of ,20 the name and corporate seal of each
<br /> corporate party being hereto affixed and these presents duly signed by its undersigned representative,
<br /> pursuant to authority of its governing body.
<br /> ATTEST:
<br /> Principal
<br /> (SEAL)
<br /> BY (S)
<br /> PAYMENT BOND
<br /> EAST BAYSHORE ROAD STREET LIGHTING PROJECT 00620-1
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