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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 under the
<br /> laws of the State of California , and authorized
<br /> to execute bonds and undertaking as sole surety, as Surety, are held and firmly bound unto any and all persons
<br /> named in 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 to be
<br /> made, said Principal and Surety bond themselves, their heirs, administrators, successors, and assigns, jointly
<br /> and severally, firmly by these presents.
<br /> THE CONDITION OF THE FOREGOING OBLIGATION IS SUCH that, whereas the above with the City of
<br /> Redwood City("City")to do the following work, to-wit:
<br /> MARSHALL STREET GARAGE ELEVATOR REFURBISHMENT PROJECT
<br /> NOW, THEREFORE, if the above-bounden Principal or his subcontractors fail to pay any of the persons named
<br /> in Section 3181 of the Civil Code of the State of California, or amounts due under the Unemployment Insurance
<br /> Code with respect to work or labor performed under the Contract, or for any amounts required to be deducted,
<br /> withheld, and paid over to the Employment Development Department from the wages of employees of the
<br /> Contractor and his subcontractor pursuant to Section 13020 of the Unemployment Insurance Code of the State
<br /> of California, with respect to such work and labor, the surety will pay for the same, in the amount not exceeding
<br /> the sum specified in this bond, and also, in case suit is brought upon this bond, a reasonable attorney's fee, to
<br /> 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 of
<br /> 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 California Civil
<br /> Code Section 2819 regarding consent to change, extension of time alteration, or addition to the terms of the
<br /> Contract, or to the work to be performed thereunder, or the Specifications accompanying the same, shall in any
<br /> way affect its obligations on this bond; and it does hereby waive notice of any such change, extension of time,
<br /> alteration, or addition to the terms of the Contract, or to the work, or to the Specifications.
<br /> IN WITNESS WHEREOF, the above bounden parties have executed this instrument under their seals this
<br /> day of ,20 the name and corporate seal of each corporate party
<br /> being hereto affixed and these presents duly signed by its undersigned representative, pursuant to authority of
<br /> its governing body.
<br /> ATTEST:
<br /> Principal
<br /> (SEAL)
<br /> BY (S)
<br /> (Witness as to Principal)
<br /> (Address)
<br /> (Address)
<br /> PAYMENT BOND
<br /> MARSAHLL STREET GARAGE ELEVATOR
<br /> REFURBISHMENT PROJECT 00620-1
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