Agmt21 Argent Settlement - Laserfiche WebLink

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AGREEMENT This Settlement and Release Agreement (the "Agreement") is made by and among Argent Materials, Inc. ("Argent"), Seton Pacific Construction, Inc. ("SPC"), the City of Redwood City (the "City"), and United Fire & Casualty Company ("United"), 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 1816/Rule 20 Middlefield Underground Utility District Project located at or near 1017 Middlefield Road, Redwood City, CA, 94063 (the "Project"). B. SPC, as a direct contractor, entered into a written agreement with the City to perform work at the Project. C. On or about December 17, 2013, SPC submitted a written credit application to Argent that was executed by an officer of SPC. On or about December 19, 2013, Argent sent SPC a letter authorizing SPC to make purchases from Argent. The application and letter are collectively referred to as the "Credit Agreement." D. SPC furnished a statutory public works payment bond, number 54213558 (the "Payment Bond") in connection with the Project. The Payment Bond was issued and executed by United as surety and SPC as principal. E. Pursuant to the Credit Agreement, Argent agreed to provide SPC with certain materials, including recycled aggregate material for use in the Project, as well services that included acceptance of concrete and asphalt spoils for disposal. F. Argent commenced and subsequently completed its performance to SPC. G. Argent contends that it is owed payment by SPC and United for materials supplied to the Project. On or about February 26, 2020, Argent filed a stop payment notice with the City in the amount of $152,850.17 (the "Stop Payment Notice"). H. Upon receipt of the Stop Payment Notice, the City withheld payment on the Project that were due or will become due to SPC for its work on the Project in the amount of $191,062.71, in accordance with Civil Code section 9358 (the "City Withholding"). I. On or about October 5, 2020, Argent commenced an action in the San Mateo Superior Court, entitled Argent Materials, Inc. v. Seton Pacific Construction, Inc., et al., Civil Case No. 20 -CIV -04322 (the "Action") to enforce its Stop Payment Notice, naming SPC, the City, and United as defendants. J. The Parties have reached a settlement of the Action, and the Parties memorialize that settlement by this Agreement. TERMS ATTY/AGR/SETTLEMENTS/SETTLEMENT - ARGENT MATERIALS INC. REV: 01-14-21 MI Page 1 of 8