Contracts & Agreements_139-2018 - Laserfiche WebLink

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LABOR AND MATERIAL PAYMENT BOND Bond No 019064558 Whereas, the City Council of the City of Redlands, State of California, and HENKELS & McCOY, INC (hereinafter designated as "Principal") have entered into an agreement (the "Agreement") whereby Principal agrees to install and complete certain designated public improvements (the "Work"), which said agreement, dated _ July 3 2018, and identified as is hereby referred to and made a part hereof, and STATE STREET TRENCH/CONDUIT INSTALLATION PROJECT NUMBER OOL05242018KG Whereas under the terms of the Agreement, Principal is required before commencing upon the performance of the Work, to file a good and sufficient payment bond with the City of Redlands to secure the claims to which reference is made in Title 3 (commencing with Section 9000) of Part 6 of Division 4 of the Civil Code of the State of California Now, therefore, said Principal and the undersigned as corporate surety, are held firmly bound unto the City and all contractors, subcontractors, laborers, material men and other persons employed in the performance of the aforesaid Agreement and referred to in the aforesaid Code of Civil Procedure in the sum of Fifty Six Thousand Nine Hundred Twenty six Dollars ($ 56,926.00 _ ) for materials furnished or labor thereon of any kind, or for amounts due under the Unemployment insurance Act with respect to such work or labor, that said surety will pay the same in an amount not exceeding the amount hereinabove set forth, and also in case suit is brought upon this bond, will pay, in addition to the face amount thereof, costs and reasonable expenses and fees, including reasonable attorneys' fees, incurred by the City in successfully enforcing such obligation, to be awarded and fixed by the court, and to be taxed as costs and to be included in the judgment therein rendered It is hereby expressly stipulated and agreed that this bond shall insure to the benefit of any and all persons, companies and corporations entitled to file claims under Title 3 (commencing with Section 9000) of Part 6 of Division 4 of the Civil Code, so as to give a right of action to them or their assigns in any suit brought upon this bond Should the condition of this bond be fully performed, then this obligation shall become null and void, otherwise it shall be and remain in full force and effect The surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of the Agreement or the specifications accompanying the same shall in any manner affect its obligations on this bond, and it does hereby waive njace of any such change, extension of time, alteration or addition in �Mtness whereof, this instrument has been duly executed by the Principal and surety above named, on July 10 , 201 8 (SEAL) (SEAL) HENKELS & McCOY INC Liberty Mutual Insurance Company (Gcntrartor)(Surety)A�� _2.Lell BY 4 (Signature) Matthew D Pirollo (Signature) Drew W Gans, Atty-in-Fact Treasurer Address 2200 Renaissance Blvd , Suite 400 K€nq of Prussia, PA 19406 (Seal and Notarial Acknowledgment of Surety) Telephone(610) 724 1319 QOL05242018KG - State Street Trench/Conduit Installation Project