Payment_Bond.docx

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

By________________________________ Signature

By________________________________ Signature ________________________________

Surety’s Mailing Address

Telephone Number

(Attach both Notarial Acknowledgement of Surety and Power of Attorney) image1.jpeg