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HomeMy WebLinkAboutCity Council Resolution 33-2 RESOLUTION ESTABLISHING AMENDED FORM AND TERMS OF FAITHFUL PJRFO.RMANCE AND COMPLETION BOND AND LABOR AND MATERIAL BO~0 The city C~uncil of the city of Saratoga hereby resolves as follows: Attached hereto as Exhibit "A" is an amended form of a Faithful Performance and Cc~nple~ion Improvement Bond. and as Exhibit "B" a form of a Labor and Material Bond. Said documents are hereby adopted by the City of Saratoga as stand- ard forms containing standard terms to be used in connection with the approval of all final subdivision maps in the City of Saratoga. The above and foregoing resolution was duly and regularly intro- duced and passed by the City Council of the City of Saratoga on the 16~hday of October. 1963, by the following vote: AYES: Councilmmn: Glennon~ ]~razil, Drake, Tyler NOES: ~iiona ABSENT: Councilman 1;Ear~an MAYOR ATTEST: CITY CLERK FAITHFUL PERFOR.M~N. CE A~) COMPLETION IMPROVEMENT BOND KNOW ALL MEN BY THESE PRESENTS: THAT WE, .... , as Principal, and , a corporation organized and existing under the laus of the State of , and author- ized to act as Surety in the State of California, as .i~-..-'c , are held and firmly bound to CITY OF SARATOGA, a Municipal corporation of the State of California, as Obligee, in the sum of ($. )DOLLARS, lawful money of the United States of America, to be paid to the said City of Saratoga, for which payment, well and truly to be made, we bind ourselves, our heirs, executors, administrators and assigns, jointly and severally, firmly by these presents. THE CONDITION OF THE ABOVE OBLIGATION is such that, WHEREAS the above bounden Principal has entered into, or is about to enter into, a ~-- ~, agreement with said Obliges dated _ _ , pursuant to Section 7.2 of Part Two of Ordinance NS-5 of the City of Saratoga, and WHER~S without limiting the foregoing, the above bounden Prin- cipal will complete all improvements in accord with said ordinance and the approved improvement plans and specifications and with said agree- ment, and thereafter maintain them for a period of not less than one (1) year after satisfactory completion of construction, and thereafter until all deficiencies of construction are completed to satisfaction of the City Engineer, and W}IEREAS under the terms of said agreement the Principal is re- quired to furnish said Chligee with a good and sufficient bond in the above set forth sum securing the faithful performancy by said Principal of all things agreed to be done and performed by Principal under the aforesaid agreement and the within bond is given pursuant to Section 7.2 of Part Two, Ordinanue NS-5 of the City of Saratoga, and subject to all of the provisions thereof, and in accord with Section 11612 of the Business and Professions Code of the State of California. NOW, THEREFORE, if the above bounden Principal shall faithfully perform the work agreed to be performed, as set forth in said agreement, and shall do and perform all things required to be done by said Prin- cipal under the terms of said agreement at the time and in the manner specified therein~ then this obligation shall become null and void; otherwise this bond shall be and remain in full force and effect, and the undersigned shall pay to or on behalf of the City of Saratoga all sums and expenses expended or incurred by the City in completing and performing all of the Principal's obligations in accord with said agreement, including any and all attorneys' fees and court costs in- curred in interpreting or enforcing said improvement agreement and/or this bond, up to the face amount of 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 the terms of the improvement agreement or to the work to be performed thereunder or the plans or specifications referred to therein shall in any wise affect its obligations on this bond, and it does hereby waive notice of such change, extension of time, alteration or additicm to the terms of the improvement agreement or to the work or to the specifications referre~ to therein. WITNESS OUR HANDS this .... = day of ........ 0 196 ........... PRINCIPAL SURETY _LABOR & (B & P Section 11612) KNOW ALL F~ BY THESE PRESENTS: THAT WE, , as Principal, and , a corporation organized and au~'h'orized t0 act""as S~'et~"""in the ~tate of california, as surety, are held and firmly bound to City of Saratoga, a Municipal corporation of the State of California, and to Principal's contractor, all sub- contractors, and all persons renting equipment or furnishing labor or materials to either the contractor or the subcontractors for the im- provements hereinafter mentioned, in the sum of ($ ) DOr.LARS lawful money of the United =States of ~rica, to be paid to said City of Saratoga, for which pay- ment, well and truly to be made, we bind ourselves, our heirs, executors, administrators and assigns, Jointly and severally, firmly by these presents. THE CONDITION OF THE ABOVE OBLIGATION is such that, WHEREAS the above bounden Principal has entered into, or is about to enter into a agreement with the City of Saratoga, dat~ ='= ' ' ~"' ~ accord with Section 7, Part Two of Ordinance NS-5 of said City, copy of which agreement is attached hereto and incorporated herein by reference, or is on file with the offices of the Clerk of said City, and WHEREAS said Principal iS required to furnish a bond in connec- tion with said contract, providing that if said Principal should fail to pay his contractor, or said contractor should fail to pay his sub- contractors, or if said contractor or subcontractors should fail to pay for any equipment rented or labor or materials used in, upon. Eor, or about the construction of improvements referred to ,tu said agreement, then the Furety of this bond will pay the same to the extent herein- above set forth. NOW, THEREFORE. if said principal shall fail to pay his con- tractor or if said contractor should fail to pay his subcontractors, or if either said contractor or subcontractors should fail to pay all persons renting equipment or furnishing labor or materials for the per- formance of any work to be done under the aforesaid improvement agree- ment, then said Surety will pay the same in or to an amount not exceed- ing the amount hereinabove set forth, and also, in case any suit is brought upon this bond, will pay a reasonable attorney's fee to be fixed by the Court to be taxed as costs, and to be included in the judgment therein rendered. And the said Surety, for value received~ hereby stipulates and agrees that no change, extension of time. alteraticm or addition to the terms of the improvement agreement or to the wc~k to be performed thereunder or the plans or specifications referred to therein shall in any wise 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 improvement agreement or to the work or to the speci- fications referred to therein. -1- IN WITNESS WHEREOF, the above bounden parties have executed this instrument under their Seals this ...... day of , 19 ....... , the name and corporate seal of each corporate party being hereto af[ixed and these presents duly signed by its undersigned representa- tive, pursuant to authurity of its governing body. Principal By: .............. Surety -2-