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8F Consent 2008 0902
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8F Consent 2008 0902
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Last modified
8/29/2008 9:14:12 AM
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8/29/2008 9:14:12 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
9/2/2008
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_CC Agenda 2008 0902
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2008\Packet 2008 0902
Reso 2008-104
(Reference)
Path:
\City Clerk\City Council\Resolutions\2008
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X10-t~~)-1'K~ ~.~•.~ <br />TAKEOVER AGREEMENT BETWEEN <br />WASHINGTON INTERNATIONAL INSURANCE COMPANY <br />AND THE CITY OF SAN LEANDRO <br />This Takeover Agreement ("Agreement") is dated and effective January 24, 2008, between <br />Washington International Insurance Company ("Washington International"), an Arizona corporation <br />(hereinafter "Surety"), and, the City of San Leandro (hereinafter "Obligee"). <br />L i <br />RECITALS <br />A. On March Z , 2005, Obligee entered into a contract in the amount of $4,140,000.00 <br />(the "Contract") for a project known as Washington Manor Library (the "Project") with Krama, Inc. (the <br />"Principal"). <br />B. As required by the Obligee, Surety issued Performance and- Payment Bonds numbered S- <br />902-8422 on or about March 14, 2005, in the amount of $4,140,000 (the "Performance Bond and <br />Payment Bond")naming Krama, Inc. as Principal and the City of San Leandro as Obligee. <br />C. On September 21, 2007, the Obligee, pursuant to the terms of the Contract, declared the <br />Principal in default and terminated the Principal's right to perform the work on the Project. <br />D. On September 21, 2007, the Obligee made demand upon the Surety to complete the <br />Project pursuant to the terms of the Performance Bond. <br />E. Surety and Obligee met on September 28, 2007, to discuss the obligations and option of <br />each party and terms and conditions under which the Surety shall procure the completion of the remaining <br />work under the Contract. <br />NOW, THEREFORE, based on the exchange of valuable consideration, the receipt and sufficiency <br />of which is acknowledged, and based on the Recitals set forth above which form a part of this Agreement, <br />Surety and Obligee agree to the following terms and conditions: <br />Recitals. The above recitals are adopted and made a part of this Agreement. <br />2. Incorporation of the Contract. The Contract is incorporated by reference into this <br />Agreement, including, without limitation, the Instructions for Bidders, the Contract Terms and Conditions, <br />the Plans or Drawings, and any Special Conditions and Specifications, and all addenda, change orders <br />and modifications to those documents issued in accordance with the Contract. <br />3. The Current Contract Amount. As of the date of this Agreement, the adjusted Contract <br />Amount is $4,489,437.00 (the "Contract Amount"). Principal has been paid $4,116,464.45 to date, and <br />Obligee has deposited $224,256.55 into an escrow account for retainage. Obligee has withheld <br />$120,000,00 from payments due to Principal for liquidated damages. No further deductions shall be <br />
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