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1 <br /> � <br /> � <br /> INDEMNITY AGREEMENT <br /> THIS INDEMNITY AGREEMENT ("AgreemenP') is dated August � 201 l, and is by and <br /> between the City of Redwood City (the "City"), and SureTec Insurance Company, a Texas Corporation <br /> (`Surety°). The City and Surery shall be referred to herein collectively as the °Parties." <br /> RECITALS <br /> A. On or about July 23, 2009, Surety issued (1) a Faithful Performance Bond and (2) a Payment <br /> Bond, both on behalf of Peak Engineering (the "Contractor"), as Principal on said Bonds, and for <br /> the benefit of the City of Redwood City, as beneficiary on said Bonds, with respect to the City's <br /> Sewer Force Main Replacement Project (from P.S. # 12 to P.S. # 10) (the "Project"). <br /> B. The Contractor defaulted on contract obligations with respect to the Project. <br /> C. The Surety has, pursuant to the performance and payment bonds, discharged Contracror's <br /> responsibilities and obligations to the City pursuant to the City's contract with the Contractor <br /> regarding the Project. <br /> D. Certain subcontractors and / or suppliers and or labor organizations and/or trust funds have <br /> served on the City stop notice claims regarding the Project. The stop notice claims served on <br /> City consisted of the following: <br /> a. S&S Trucking - $18,473 <br /> b. Laborers Trust Fund of Northern California -$1Q629.87. <br /> c. Bond Blacktop, [nc. - $27,23138. <br /> d. Riley's Striping, Inc. - $9.470.50. <br /> e. Granite Rock Company - $8,02332. <br /> E Bond Blacktop - $2,427.37. <br /> g. Operating Engineers' Health and Trust Fund -$19,858.91 plus $2,096.43 in interest. <br /> E. The above referenced stop notice claims shall be collectively referred to as the "Stop Notice <br /> Claims." <br /> F. The Ciry is currently withholding $40,569.67 in retention that is due and owing under the <br /> contract for the Project ("Retained Funds"), and there are no other funds due and owing to the <br /> Contractor by Ihe City for the Project. <br /> G. The City and Surety recognize and acknowledge that the funds the City currently holds in <br /> retention may be insufficient to cover the value of all stop notice claims. <br /> H. Surety requests that the City release to Surety the available funds that are due and owing on <br /> account of work performed on the Project and the payments Surety made for such work, <br /> including for stop notices. <br /> I <br /> ATTY/AGR/2071.001 S.CALI � Of 3 <br /> � 080311 <br /> � <br />