HomeMy WebLinkAbout2011-05 1310 - Faithful Performance BondFaithful Performance Bond 1310-1
SECTION 1310
FAITHFUL PERFORMANCE BOND
KNOW ALL MEN BY THESE PRESENTS:
THAT the City of La Quinta, a municipal corporation, hereinafter designated
the City, has, on October 18, 2022, awarded to Ortiz Enterprises, Inc., hereinafter
designated as the Principal, a Contract for City Project No. 2011-05, Federal
Project No. BRNBIL (537), Dune Palms Road Bridge Improvements, and:
WHEREAS, said Principal is required under the terms of said Contract to
furnish a bond for the faithful performance of said Contract:
NOW, THEREFORE, we, the Principal, and , as
Surety, are held and firmly bound unto the City in the just and full amount of
Twenty-One Million Six Hundred Twenty-Six Thousand Seven Hundred
Fifty-Nine Dollars and Sixty Cents ($21,626,759.60) lawful money of the
United States, for the payment of which sum well and truly to be made, we bind
ourselves, our heirs, executors, administrators, and successors, jointly and
severally, firmly by these presents.
THE CONDITION OF THIS OBLIGATION IS SUCH, that if said Principal, his or
its heirs, executors, administrators, successors, or assigns, shall in all things stand
to and abide by, and well and truly keep and faithfully perform the covenants,
conditions, and agreements in the said contract and any alterations made as
therein provided, on his or their part to be kept and performed, at the time and in
the manner therein specified, and in all respects according to their true intent and
meaning, and shall indemnify and save harmless, the City, its officers and agents
as therein stipulated, then this obligation shall become null and void; otherwise it
shall be and remain in full force and virtue.
It is acknowledged that the Contract provides for one-year guarantee period,
during which time this bond remains in full force and effort.
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 Contract or to
the work to be performed thereunder or the specifications accompanying the same
shall, in any way, 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 Contract or to the work or to the specifications. Said Surety hereby waives the
provisions of Sections 2819 and 2845 of the Civil Code of the State of California.
Faithful Performance Bond 1310-2
IN WITNESS WHEREOF, the Principal and Surety have executed this
instrument under their seals
this day of , 2022, the name and corporate
seal of each corporate party being hereto affixed and these presents duly signed by
its undersigned representative, pursuant to authority of its governing body.
Principal
(Seal)
Signature for Principal
Title of Signatory
Surety
(Seal)
Signature for Surety
Title of Signatory
Address of Surety
Phone # of Surety
Contact Person for Surety