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HomeMy WebLinkAboutPayment Bond CA Bond No.4510386 PAYMENT BOND KNOW ALL PERSONS BY THESE PRESENTS, THAT, WHEREAS, the South Tahoe Public Utility District, El Dorado County, California, hereinafter designated the"Owner", has, on October 6 , 2022 , awarded to yir1C04N_`=1-Va C«ti5tructioti. 111C hereinafter designated as the "Principal,"' a contract for the construction of the 2023 Black Bart Waterline Replacement Project. WHEREAS,said Principal is required under the terms of said contract to furnish a bond providing that if said Principal, or any of its Subcontractors, shall fail to pay for any materials, provisions, or other supplies used in, upon,for, or about the performance of the work under said contract,or for any work or labor done thereon of any kind,the Surety of this bond will pay the same to the extent hereinafter set forth: NOW, THEREFORE, WE, the Principal, and Great American Insurance Company as Surety, are held and firmly bound unto the Owner the penal sum of Three mill I mFnur hundred twenty five thousand,one hundred seventy six dollars dollars ($ 3,425,176 ) 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, and successors, jointly and severally, firmly by these presents. THE CONDITION OF THIS OBLIGATION IS SUCH,that if the above bound Principal, or its heirs, executors,administrators,successors,or assigns,shall fail to pay any person specified in California Civil Code Section 9100, or for any materials, provisions, or other supplies used in, upon, for, or about the performance of the work under said contract,or for any work or labor thereon of any kind or for any amount due under the Unemployment Insurance Code with respect to work or labor performed under said contract,or for any amounts required to be deducted,withheld,and paid over to the Employment Development Department or Franchise Tax Board from the wages of employees of the Principal and his subcontractors pursuant to the Revenue and Taxation Code§18663,or with respect to any work or labor for which a bond is required by the provisions of Section 9550, inclusive,of the California Civil Code,and provided that the persons,companies,or corporations so furnishing said materials, provisions, or other supplies, appliances, or power use, in, upon,for, or about the performance of the work under said contract, or any person who performs work or labor upon same,or any person who supplies both work and materials,thereto,shall have complied with the provisions of said Civil Code, then said surety will pay the same in or to an amount not exceeding the amount hereinbefore set forth, and also will pay in case suit is brought upon this bond, such reasonable attorney's fees to Owner as shall be fixed by the court. This bond shall inure to the benefit of Owner and any and all persons,companies,and corporations and their respective assigns entitled to file claims under applicable State law, including but not limited to,California Civil Code Section 9100,so as to give a right of action to them or their assigns in any suit brought upon this bond. And the said Surety,for value received, hereby stipulates and agrees that no change,extension of time,alteration, or addition to the terms of said contract or to the work to be performed thereunder or to the specifications accompanying the same shall,in any way,affect its obligations on this bond, and it does hereby waive notice of any such change,extension of time,alteration,or addition to the terms of the contract or to the work or to the specifications. Said Surety hereby waives the provisions of Sections 2819 and 2845 of the Civil Code of the State of California.