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Premium: Included in Performance Bond
<br />LABOR AND MATERIAL BOND
<br />Whereas, the City Council of the City of Pleasanton, State of California, and
<br />JMB Construction, Inc. ("Principal") have entered into an agreement whereby
<br />Principal agrees to install and complete certain designated public improvements, which
<br />agreement, dated March 19th , 2024, and identified as NEAR-TERM WATER
<br />IMPROVEMENTS , PROJECT NO. 24171 & 24173, is hereby referred to and made a
<br />part hereof; and
<br />Whereas, Under the terms of the agreement, Principal is required before entering upon
<br />the performance of the work, to file a good and sufficient payment bond with the City of
<br />Pleasanton to secure the claims to which reference is made in Title 3 ( commencing with
<br />Section 9000) of Part 6 of Division 4 of the Civil Code.
<br />Now, therefore, Principal and the undersigned as corporate surety, are held firmly bound
<br />unto the City of Pleasanton and all contractors, subcontractors, laborers, material
<br />suppliers, and other persons employed in the performance of the agreement and referred
<br />to in Title 3 ( commencing with Section9000) of Part 6 of Division 4 of the Civil Code in
<br />the sum of Seven ~ ... 1illion Eight Fifry Two Thousand One".' dollars($ 7,852,15-0.00 ),
<br />for materials furnished or labor thereon of any kind, or for amounts due under the
<br />Unemployment Insurance Act with respect to this work or labor, that the surety will pay
<br />the same in an amount not exceeding the amount hereinabove set forth, and also in case
<br />suit is brought upon this bond, will pay, in addition to the face amount thereof, costs and
<br />reasonable expenses and fees, including reasonable attorney's fees, incurred by City of
<br />Pleasanton in successfully enforcing this obligation, to be awarded and fixed by the court,
<br />and to be taxed as costs and to be included in the judgment therein rendered. * Hundred Fifty and no/1 oo
<br />It is hereby expressly stipulated and agreed that this bond shall inure to the benefit of any
<br />and all persons, companies, and corporations entitled to file claims under Title3
<br />( commencing with Section 9000) of Part 6 of Division 4 of the Civil Code, so as to give a
<br />right of action to them or their assigns in any suit brought upon this bond.
<br />Should the condition of this bond be fully performed, then this obligation shall become
<br />null and void, otherwise it shall be and remain in full force and effect.
<br />The surety hereby stipulates and agrees that no change, extension of time, alteration, or
<br />addition to the terms of the agreement or the specifications accompanying the same shall
<br />in any manner affect its obligations on this bond, and it does hereby waive notice of any
<br />such change, extension, alteration, or addition.
<br />In witness whereof, this instrument has been duly executed by Principal and surety above
<br />named, on March 26th , 20 .li__.
<br />JMB Construction, Inc.
<br />Principal
<br />Federal Insurance Company
<br />Surety
<br />By: Lk,Jvn»fl fW\ By: ~ C
<br />~I-lee ~ Edward C. Spector, Attorney-in-Fact
<br />/JNJ,J-,,,,,,,_ (Signature of Principal and Surety must be notarized)
<br />Bond No. K4184923A
<br />Page 25
<br />DocuSign Envelope ID: 7FAA54C3-9A1A-4C50-9AAD-7467E7B73787
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