WORK PLANS - Laserfiche WebLink

Home Browse Search

, 1 CONTRACT BOND - PAYMENT . CITY OF TRACY Tracy, California 95376 Bond Number s Whereas, the City Council of the City of Tracy, State of California, and (hereinafter designated as "Principal") have entered into an Agreement Lwhereby the principal agrees to install and complete certain designated public improvements, which said Agreement, dated 199 , and identified as: LEWIS MANOR WELL. CONSTRUCTION (PHASE 1) AND DESTRUCTION OF THREE ABANDONED WELLS AND TWO PUMP HOUSES - CIP 7502, 7503, & 7535, is hereby referred to and made a part hereof; and Whereas, under the terms of said Agreement, principal is required, before entering upon the Lperformance of the work, to file a good and sufficient payment bond with the City of Tracy to secure the claims to which reference is made in Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code of the State of California. 1� Now, therefore, said principal and the undersigned, as corporate surety, are held and firmly bound into the City of Tracy and all contractors, subcontractors, laborers, materialmen and L other persons employed in the performance of.the aforesaid Agreement and referred to in the aforesaid Code of Civil Procedure in the sum of dollars ($ for materials furnished or labor thereon of any kind, or for amounts due under the Unemployment Insurance Act with respect to such .work or labor; that said surety will pay the same in an amount not exceeding the amount hereinabove set forth, and also in case suit is brought upon this bond, will pay, in addition to the face amount thereof, costs and reasonable expenses and fees, including reasonable attorney's fees, incurred.by City in successfully enforcing such obligation, to be awarded and fixed by the court, and to be taxed as costs and' to be included in the r L; judgment therein rendered. It is hereby expressly stipulated and agreed upon that this bond shall insure to the benefit of any and Lall persons, companies and corporations entitled to file claims under Title'l 5 (commencing with Section 3082) i of Part 4 of Division 3 of the Civil Code, so as to give a right of action to them or their assigns in any suit brought upon this bond. Should the condition of this bond be fully performed, then this obligation shall become null and void, otherwise it shall be and remain in full force and effect. The surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of said Agreement, or the specifications accompanying the same shall in anyway affect its obligations on this bond, and it does hereby waive.notice of any such change, extension of time, alteration or addition. In the event suit is brought upon this bond, the surety shall pay reasonable attorney's fees and costs l incurred by the prevailing parties. IN WITNESS WHEREOF, this instrumenthas been duly executed by the principal and surety above named, on 19 Principal Bonding Company �,. DIVISION IV-22