Payment_Bond.docx
DOCX document 28 KB Posted
- Attached to
- Transit Bus Headsign Parts
- Solicitation number
- 12701330
- Issued by
- Los Angeles County, San Francisco City, California
About this file
This is a Payment Bond document prepared by the City of Santa Monica, California, in compliance with Civil Code Section 9550. The bond secures performance by a principal contractor and is executed jointly by the principal and a surety. The bond applies to a contract awarded by the City of Santa Monica for transit bus headsign parts, including new and rebuilt electronic components such as Luminator and Twinvision headsign parts, as well as other electronic components, accessories, supplies, and equipment for transit buses and fire trucks as required by the Santa Monica Department of Transportation. The contract was adopted by City motion on an unspecified date in 2017. The bond creates an obligation binding upon the principal and surety, their heirs, executors, administrators, successors, and assigns, jointly and severally.
The payment bond amount equals 100 percent of the contract proposal amount and secures claims by all contractors, subcontractors, laborers, materialmen, and other persons employed in contract performance as defined under California Civil Code Section 9100. The bond protects the named beneficiaries' right to recover for materials and equipment furnished, labor performed, and amounts due under the Unemployment Insurance Act. The surety waives notice of any changes, extensions of time, alterations, or modifications to the contract or work performance and agrees that such modifications shall not affect its obligations under the bond. The document requires execution by both the principal and surety, with notarial acknowledgement of the surety and power of attorney attached as exhibits.
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Other files
| File | Type | Posted |
|---|---|---|
| Transit_Bus_Headsign_Parts_(Addendum_#1_Revision).pdf | ||
| Software_Maintenance_Agreement_Template.docx | DOCX document | |
| CSA_Template.docx | DOCX document | |
| Software_as_a_Service_Template_(11-25).docx | DOCX document | |
| PSA_Template.docx | DOCX document |
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Text version
PAYMENT BOND
(Civil Code Section 9550)
KNOW ALL PERSONS BY THESE PRESENTS:
WHEREAS, the City of Santa Monica, hereinafter called City by motion adopted on the
_______day of _______________, 2017, has awarded to______________________________, hereinafter called Principal, with its principal office in the City of _________________________, State of ______, a Contract for _________________________________________________, including without limitation all incorporated documents, exhibits and other documents defined for the Contract.
WHEREAS, Principal is required under the terms of the agreement to furnish a good and sufficient payment bond to secure the claims to any of the persons named in Section 9100 Civil Code of the State of California.
THAT we _ , as Principal, and, _____________________ , hereinafter called Surety, are held and firmly bound unto the City all contractors, subcontractors, laborers, materialmen and all other persons employed in the performance of the Contract and referred to in the aforesaid portion of the Civil Code, in the sum of
______________________________________________Dollars ($_____________________), (100% of amount in proposal) for materials and equipment furnished and labor thereon of any kind, or for amounts due under the Unemployment Insurance Act with respect thereto, and that said Surety will pay the same in or to an amount not exceeding the amount herein above set forth, and also will pay in case suit is brought upon this bond, such reasonable attorney’s fees as shall be fixed by the Court, awarded and taxed as costs and included in the judgment therein rendered.
This bond shall inure to the benefit of any and all persons, named in Civil Code Section 9100 so as to give a right of action to them or their assigns in any suit upon this bond.
Should the condition of this bond be fully performed, then this obligation shall be void, otherwise it shall remain in full force and effect.
Surety, for value received, hereby stipulates and agrees that no change, extension of time, alteration or modification of the Contract or of the work to be performed thereunder shall in any way affect its obligations on this bond and it does hereby waive notice of such change, extension of time, alteration or modification of the Contract or of work to be performed thereunder.
The obligations set forth herein shall be binding upon Surety and its heirs, executors, administrators, successors, and assigns, jointly and severally.
PAYMENT BOND
(Civil Code Section 9550)
IN WITNESS WHEREOF one (1) identical counterparts of this instrument, each of which shall for all purposes be deemed an original thereof, have been duly executed by the Principal and Surety named herein, on the _______day of _______________, 2017, the name and corporate seal of each corporate party being hereto affixed and these presents duly signed by its undersigned representative pursuant to authority of its governing body.
SIGNED AND SEALED on this _________ day of __________________, 2017
| ________________________________ | ||
| Seal | Principal |
By________________________________ Signature
| ________________________________ | |
| Seal | Surety |
By________________________________ Signature ________________________________
Surety’s Mailing Address
Telephone Number
(Attach both Notarial Acknowledgement of Surety and Power of Attorney) image1.jpeg
File details come from the government source that posted it. Updated .