Reso 2016-141 - Laserfiche WebLink

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CITY OF SAN LEANDRO STATE OF CALIFORNIA MAINTENANCE BOND KNOW ALL MEN BY THESE PRESENTS: WHEREAS, the City of San Leandro, State of California, has awarded to AJW Construction , hereinafter designated as the "Principal," a contract for Annual Sidewalk Repair Program 2014-15, Project No. 2015.0060; and Whereas, said Principal is required under the terms of said contract.to furnish a bond for the correction of any defects due to defective materials or workmanship in the work performed under said contract. Travelers Casualty and Surety NOW, THEREFORE, we the Principal, and Company of America . as Surety, are held and firmly bound unto the City of San Leandro in the penal sum of Fifty Seven Thousand Two Hundred ($17,200.00 �, lawful money of the United States for the payment of which sum well and truly to be made, we bind ourselves, ounheirs, executors, administrators, successors, or assigns jointly and severally, firmly by these presents. THE CONDITION OF THIS OBLIGATION IS SUCH that if, during a maintenance period of one (1) year from the date of recordation of the Notice of Completion by the City, the Contractor upon receiving written notice of a need for repairs which are directly attributable to defective materials or workmanship, shall diligently take the necessary steps to correct said defects within seven (i) days from the date of said notice, then this obligation shall be null and void; otherwise it shall remain in full force and effect. If any action shall be brought by Cityupon this bond, a reasonable attorney's fee, to be fixed by the court, _ shall be and become a part of City's judgment in any such action. No right of action shall accrue on this bond to, or for the use of, any person or corporation other than the City named herein or the heirs, executors, administrator, or successor of the City. ' Last Revised: 08/29/12 Page 52 Maintenance Bond Annual Sidewalk Repair Program'2014-15 Project No. 2015.0060