|
PAYMENT BOND (LABOR AND MATERIALS)
<br />KNOWN ALL MEN BY THESE PRESENTS That
<br />Bond No. 6469242
<br />Premium: Included
<br />WHEREAS, the City of Colton (hereinafter designated as the "City'), by action
<br />Harris Construction
<br />resolution passed January 10th , 2008 has awarded to Engineering, Inc. hereinafter
<br />d4 1 --hated as the "Principal," a contract for the work described as follows:
<br />Randall Basin Proiect
<br />taken or a
<br />(the "Project"); and
<br />WHEREAS, said Principal is required to furnish a bond in connection with said contract;
<br />providing that if said Principal or any of its Subcontractors shall fail to pay for any materials,
<br />provisions, proverider, equipment, or other supplies used in, upon, for or about the performance
<br />of the work contracted to be done, or for any work or labor done thereon of any kind, or for
<br />amounts due under the Unemployment Insurance Code or for any amounts required to be
<br />deducted, withheld, and paid over to the Employment Development Department from the wages
<br />of employees of said Principal and its Subcontractors with respect to such work or labor the
<br />Surety on this bond will pay for the same to the extent hereinafter set forth.
<br />First National Insurance
<br />NOW THEREFORE, we; the Principal and Company of America as Surety, are held
<br />and firmly bound unto the City in the penal sure of
<br />Six Hundred Seventy Three Thousand Nine Hundred Thirty One and 00/100Dollars (S 673,931.00 )
<br />lawful money of the United States of America, for the payment of which sum well and truly to
<br />be made, we bind ourselves, our heirs, executors, administrators, successors and assions, jointly
<br />and severally, firmly by these presents.
<br />THE CONDITION OF THIS OBLIGATION IS SUCH that if said Principal, his or its
<br />subcontractors, heirs, executors, administrators, successors or assigns, shall fail to pay any of the
<br />persons named in Section 3181 of the Civil Code, fail to pay for any materials, provisions or
<br />other supplies, used in, upon, for or about the performance of the work contracted to be done, or
<br />for any work or labor thereon of any kind, or amounts due under the Unemployment Insurance
<br />Code with respect to work or labor performed under the contract, or for any amounts required to
<br />be deducted, withheld, and paid over to the Employment Development Department or Franchise
<br />Tax Board from the wages of employees of the contractor and his subcontractors pursuant to
<br />Section 18663 of the Revenue and Taxation Code, with respect to such work and labor the
<br />Surety or Sureties will pay for the same, in an amount not exceeding the sum herein above
<br />specified; and also; in case suit is brought upon this bond, all Iitigation expenses incurred by the
<br />City in such suit, including reasonable attorneys' fees, court costs, expert witness fees and
<br />investigation expenses.
<br />This bond shall inure to the benefit of any of the persons named in Section 3181 of the Civil
<br />Code so as to give a right of action to such persons or their assigns in any suit brought upon this
<br />bond.
<br />It is further stipulated and agreed that the Surety on this bond shall not be exonerated or released
<br />from the obligation of this bond by any change, extension of time for performance, addition,
<br />alteration or modification in, to, or of any contract, plans, specifications, or agreement pertaining
<br />PAYMENT (LABOR AND MATERIALS) BOND
<br />33
<br />
|