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CONTRACT BOND - PAYMENT <br /> CITY OF TRACY Bond Number <br /> Tracy, California 95376 <br /> Whereas, the City Council of the City of Tracy, State of California, and _ <br /> (hereinafter designated as "Principal") have entered into an <br /> Agreement whereby the principal agrees to install and complete certain design2atted puabliicc <br /> improvements, which said Agreement, dated <br /> identified as: NORTHEAST INDUSTRIAL ferredAo andSE 11 `made a part ATER AND <br /> and <br /> PROJECT, <br /> CIP Nos. 7468, 7589, 759 Y <br /> Whereas, under the terms of said Agreement, principal is required, before entering upon <br /> the performance of the work, to file a good and sufficient payment bond with the City of Tracy to <br /> secure the claims to which reference is made in Title 15 (commencing with Section 3082) of <br /> Part 4 of Division 3 of the Civil Code of the State of California. — <br /> Now, therefore, said principal and the undersigned, <br /> as <br /> corporate surety, are held and firmly bound into the City of Tracy and all contractors, <br /> subcontractors, laborers, material men and other persons employed in the performance of the <br /> e <br /> aforesaid Agreement and referred to in the aforesaid Code of Civil Procedure in the sum of <br /> dollars ($ ) for materials furnished or labor thereon of any <br /> kind, or for amounts due under the Unemployment Insurance Act with respect to such work or -- <br /> labor; that said surety will pay the same in an amount not exceeding the amount hereinabove <br /> set forth, and also in case suit is brought upon this bond, will pay, in addition to the face amount <br /> thereof, costs and reasonable expenses and fees, including reasonable attorney's fees, <br /> incurred by City in successfully t be°ncluded nforcing htheljgdgment tation, to herein narded and rendered.fixed by the court, <br /> and to be taxed as costs and <br /> it is hereby expressly stipulated and agreed upon that this bond shall insure to the <br /> benefit of any and all persons, companies and corporations entitled to file claims under Title 15 <br /> (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code, so as to give a right of — <br /> action to them or their assigns in any suit brought upon this bond. <br /> Should the condition of this bond be fully performed, then this obligation shall become <br /> null and void, otherwise it shall be and remain in full force and effect. <br /> The surety hereby stipulates and agrees that no change, extension of time, alteration or _ <br /> addition to the terms of said Agreement, or the specifications accompanying the same shall in <br /> any way affect its obligations on this bond, and it does hereby waive notice of any such change, <br /> extension of time, alteration or addition. <br /> In the event suit is brought upon this bond, the surety shall pay reasonable attorney's <br /> fees and costs incurred by the prevailing parties. <br /> IN WITNESS WHEREOF, this instrument has beendulyexecuted by the principal and <br /> surety above named, on <br /> Principal Bonding Company <br /> Division IV-19 NEI Phase II water and Sewer <br /> July 2007 CIP Nos.7468, 7589, 7590 <br />