Reso 2017-141 - Laserfiche WebLink

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Bond No. 1O6592872M CITY OF SAN LEANDRO STATE OF CALIFORNIA C►/ ►_� 1► ICY ► : ► : • ► 1 KNOW ALL MEN BY THESE PRESENTS: WHEREAS, the City of San Leandro, State of California, has awarded to Cal Electro, Inc. , hereinafter designated as the "Principal," a contract for Fiber Conduit Network Extension Project, Project No. 2013.0320; 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. NOW, THEREFORE, we the Principal, and Travelers Casualty and Surety Company of America as Surety, are held and firmly bound unto the City of San Leandro in the penal sum of forty-five thousand one hundred sixty-one a 25/100 ($ 45,161.25 ), lawful money of the United States for the payment of which sum well and truly to be made, we bind ourselves, our heirs, 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 (l) 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 (7) 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 City upon 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. Fiber Conduit Network Extension Project No. 2013.0320