Agmt21 Seton Pacific Construction Inc. Marshall Settlement

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AGREEMENT This Settlement and Release Agreement (the "Agreement") is made by and among Seton Pacific Construction, Inc. ("SPC"), United Fire & Casualty Company ("United") and the City of Redwood City (the "City"), each of whom may sometimes be referred to herein as "Party" or "Parties." RECITALS A. The City is the owner of a public work of improvement known as the Marshall St. Intersection Improvements at Jefferson Ave. & Middlefield Project in Redwood City, California, 94063 (the "Project"). B. The contract for the Project was awarded to SPC as the direct contractor for construction of the Project (the "Contract"). C. SPC furnished a statutory public works payment bond, number 54213559 (the "Payment Bond") in connection with the Project. The Payment Bond was issued and executed by United as surety and SPC as principal. D. The Contract required that the Project be completed in seventy-five (75) calendar days, and pursuant to the Notice to Proceed issued by the City on June 10, 2019; the project completion deadline was August 30, 2019 (the "Project Deadline"). E. The City contends SPC completed work on the Project, with the exception of punch list items, on April 7, 2020, and asserts that it is entitled to assess liquidated damages against SPC under Section 520 of the Contract Specifications (the "Liquidated Damages"). SPC contends the City revised the plans for the Project after the Project Deadline, and disputes the City's assessment for Liquidated Damages. F. SPC asserts that it is entitled to additional payment for work that was not included in the original scope of work for the Project (the "Extra Work"), but the City disputes the amount that SPC is entitled to for the Extra Work. G. The Parties intend to concurrently enter into a separate settlement agreement with TARC Construction, Inc. ("TARC"), one of SPC's subcontractors for the Project, to provide for direct payment by the City to TARC for compensation TARC claims it is due from SPC for TARC's work on the Project (the "TARC Settlement Agreement"). H. The Parties also intend to concurrently enter into a separate settlement agreement with Columbia Electric, Inc. ("Columbia"), one of SPC's subcontractors for the Project, and JAM Services ("JAM"), Columbia's second tier subcontractor for the Project, to provide for direct payment by the City to Columbia for compensation that Columbia and JAM claim is due from SPC for Columbia's and JAM's work on the Project as stated in stop payment notices filed with the City, using amounts from retention that were due or will become due to Seton on the Rule 20 Middlefield Road Phase 1 — Underground Utility District Project located at or near 1017 Middlefield Road, Redwood City, CA 94063 (the "Columbia/JAM Settlement Agreement"). ATTY/AG R/SETTLE ME NTS/MARS HALL SETTLEMENT AGREEMENT REV: 02-11-2021 MI Page 1 of 6