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Premium is included in the Performance bond and is subject to adjustments based on final contract price
<br />80nd No .: Esooo 17614 LABOR AND MATERIAL BOND
<br />Whereas, the City Council of the City of Pleasanton, State of California, and
<br />American Asphalt Repa ir and Resurfacing Company , lnc .("Principal") have entered into an agreement whereby
<br />Principal agrees to install and complete certain designated public improvements , which
<br />agreement, dated May 7 , 20 24; and identified as ANNUAL SLURRY SEAL
<br />PROJECT, PROJECT NO. 24504, is hereby referred to and made a 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 ofrhree Hundred Seventy-Four Thousand Three Hundred Ninety and 75/100 dollars ($ 374 ,390.75 ),
<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.
<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 May 8 , 20 ~-
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<br />Principal America n Asp halt Repa ir and Resurfacing Company , Inc . Surety Everest National Insurance Co!!)pany --::·.:··-. __ .... ;-:.
<br />_,j'.., ~ By:~ -.,-~ -.:.~--= By:
<br />Stt,~w ,~ . . Kathleen ~e , Attorney-In-Fact ·._:_:..~ .:::~ ·-.--/'-
<br />(S ig nature of Prmc1pal and Surety must be notanzed) ·-:---.... __ .,>
<br />-✓----.. -::_--: .... ..., -. ./
<br />._.,:.,:... --
<br />DocuSign Envelope ID: E96A4C74-2FC7-4968-986D-B86E1F2596BA
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