COLUMBIA ELECTRIC, INC. - Laserfiche WebLink

DocuSign Envelope ID: 4BE41ABD-CDC3-4DEF-91 DE -1 EFE877592DC Bond No. 30219283 Premium: Included in Perf. Bond LABOR AND MATERIAL BOND Whereas, the City Council of the City of Pleasanton, State of California, and Columbia Electric. Inc. ("Principal") have entered into an agreement whereby Principal agrees to install and complete certain designated public improvements, which agreement, dated April 16 , 2024, and identified as VALLEY AVENUE AND NORTHWAY ROAD INTERSECTION IMPROVEMENTS, PROJECT NO. 23532, is hereby referred to and made a part hereof; and Whereas, Under the terms of the agreement, Principal is required before entering upon the performance of the work, to file a good and sufficient payment bond with the City of Pleasanton to secure the claims to which reference is made in Title 3 (commencing with Section 9000) of Part 6 of Division 4 of the Civil Code. Now, therefore, Principal and the undersigned as corporate surety, are held firmly bound unto the City of Pleasanton and all contractors, subcontractors, laborers, material suppliers, and other persons employed in the performance of the agreement and referred to in Title 3 (commencing with Section9000) of Part 6 of Division 4 of the Civil Code in the sum of One Million One Hundred Fifteen Thousand dollars 1,115,127.45 ), for materials One Hundred Twenty -Seven and 45/100 ---- (� furnished or labor thereon of any kind, or for amounts due under the Unemployment Insurance Act with respect to this work or labor, that the surety will pay the same in an amount not exceeding the amount hereinabove set forth, and also in case suit is brought upon this bond, will pay, in addition to the face amount thereof, costs and reasonable expenses and fees, including reasonable attorney's fees, incurred by City of Pleasanton in successfully enforcing this obligation, to be awarded and fixed by the court, and to be taxed as costs and to be included in the judgment therein rendered. It is hereby expressly stipulated and agreed that this bond shall inure to the benefit of any and all persons, companies, and corporations entitled to file claims under Title3 (commencing with Section 9000) of Part 6 of Division 4 of the Civil Code, so as to give a right of action to them or their assigns in any suit brought upon this bond. Should the condition of this bond be fully performed, then this obligation shall become null and void, otherwise it shall be and remain in full force and effect. The surety hereby stipulates and agrees that no change, extension of time, alteration, or addition to the terms of the agreement or the specifications accompanying the same shall in any manner affect its obligations on this bond, and it does hereby waive notice of any such change, extension, alteration, or addition.