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City of Pleasanton Exhibit K: Contractor’s Performance Bond
<br /> Franchise Agreement with Pleasanton Garbage Service
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<br />City of Pleasanton Page K-1 June 7, 2022
<br />EXHIBIT K
<br />CONTRACTOR'S PERFORMANCE BOND
<br />Annual Form
<br />Bond No. _______
<br />KNOW ALL BY THESE PRESENTS, That we Pleasanton Garbage Service, Inc., as Principal, and
<br />__________________, of _________________________, authorized to do business in the State of
<br />California as Surety, are held and firmly bound unto the City of Pleasanton, as Obligee, in the maximum
<br />penal sum of One Million Dollars ($1,000,000), lawful money of the United States of America, for which
<br />payment well and truly to be made we bind ourselves, our heirs, executors and assigns, jointly and
<br />severally, firmly by this Bond.
<br />WHEREAS, the Principal has entered, or is about to enter, into a written agreement with the Obligee to
<br />perform in accordance with the terms and conditions of the Agreement for Solid Waste, Recyclable
<br />Materials, and Organic Materials Services (hereinafter referred to as the Contract), said Contract is hereby
<br />referred to and made a part hereof;
<br />NOW, THEREFORE, the condition of this obligation is such that if the above-named Principal, its successors
<br />and assigns, shall well and truly perform its obligations as set forth in the above mentioned Contract, then
<br />this Bond shall be void; otherwise to remain in full force and effect pursuant to its terms.
<br />Notwithstanding anything to the contrary in the Contract, the Bond is subject to the following express
<br />conditions:
<br />1. Whereas, the Obligee has agreed to accept this Bond, this Bond shall be effective for the definite
<br />period of one year to _________. The Bond may be extended, at the sole option of the Surety, by
<br />continuation certificate for additional periods from the expiry date hereof. However, neither: (a)
<br />the Surety's decision not to issue a continuation certificate, nor (b) the failure or inability of the
<br />Principal to file a replacement bond or other security in the event the Surety exercises its right to
<br />not renew this Bond, shall itself constitute a loss to the Obligee recoverable under this Bond or any
<br />extension thereof.
<br />2. The above referenced Contract has a term ending June 30, 2029. Regardless of the number of years
<br />this Bond is in force or the number of continuation certificates issued, this Bond shall not be
<br />extended beyond _________, unless earlier nonrenewed pursuant to paragraph 1 above.
<br />3. No claim, action, suit or proceeding, except as hereinafter set forth, shall be had or maintained
<br />against the Surety on this instrument unless such claim, action, suit or proceeding is brought or
<br />instituted upon the Surety within one year from termination or expiration of the bond term.
<br />4. Regardless of the number of years this Bond is in force or the number of continuation certificates
<br />issued, the liability of the Surety shall not be cumulative in amounts from period to period and shall
<br />in no event exceed the amount set forth above, or as amended by rider.
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