|
CITY OF SAN LEANDRO
<br />STATE OF CALIFORNIA
<br />17:\'/1/ 1114\ : 1jeif
<br />KNOW ALL MEN BY THESE PRESENTS:
<br />WHEREAS, the City of San Leandro, a municipal corporation, has awarded to GRANITE
<br />CONSTRUCTION COMPANY, 715 COMSTOCK STREET, SANTA CLARA, CA 95054, PHONE:
<br />(408) 327-7000, hereinafter designated as the "Principal", a contract for Annual Street Overlay /
<br />Rehabilitation 2016-17, Phase 2, project 2017.0050; and
<br />WHEREAS, said Principal is required to furnish a bond in connection with said contract, to secure payment
<br />of claims of laborers, mechanics, or materialmen employed on work under said contract, as provided by
<br />law.
<br />NOW, THEREFORE, we the undersigned Principal and Surety are held and firmly bound unto the City of
<br />San Leandro in the sum of ONE MILLION SEVEN HUNDRED FIFTY-FOUR THOUSAND ONE
<br />HUNDRED SIXTY DOLLARS ($1,754,160.00), said sum being equal to the estimated amount payable
<br />by said City of San Leandro under the terms of the contract, for which payment well and truly to be made,
<br />we bind ourselves, our heirs, executors, administrators, successors, or assigns jointly and severally, firmly
<br />by these presents.
<br />THE CONDITIONS OF THIS OBLIGATION ARE SUCH that if said Principal, or Principal's heirs,
<br />executors, administrators, successors, or assigns, or subcontractors shall fail to pay for any material,
<br />provisions, provender, or other supplies, implements, or machinery used in, upon, for or about the
<br />performance of the work contracted to be done, or for any work or labor thereon of any kind, or for amounts
<br />due under the Unemployment Insurance Code with respect to such work or labor, or for any amounts
<br />required to be deducted, withheld, and paid over to the Franchise Tax Board from these wages of employees
<br />of the Contractor and Contractor's subcontractors pursuant to the Revenue and Taxation Code, with respect
<br />to such work and labor, the Surety or Sureties hereon will pay for the same in an amount not exceeding the
<br />sum specified in this bond, otherwise the above obligation shall be void. In case suit is brought upon this
<br />bond, said Surety will pay a reasonable attorney's fee to be fixed by the court.
<br />This bond shall inure to the benefit of any and all persons, companies, and corporations entitled to file
<br />claims under Section 3138 of the Civil Code of the State of California so as to give a right of action to them
<br />or their assigns in any suit brought upon this bond.
<br />Said Surety, for value received, hereby stipulates and agrees that, in accordance with the Plans, Standard
<br />Specifications, Special Provisions, and other Contract Documents, no change, extension of time, alteration
<br />or addition to the terms of the contract, or to the work to be performed there under, or to the specifications
<br />accompanying the same, shall in anywise affect its obligations on this bond, and it does hereby waive notice
<br />of any such change, extension of time, alteration or addition to the terms of the contract, or to the work, or
<br />to the specifications.
<br />Last Revised: 06/01/16 Page 1 Payment Bond
<br />Annual Street Overlay/Rehabilitation 2016-17, Phase 2 Project No.2017.0050
<br />
|