HomeMy WebLinkAbout2011-05 1320 - Payment BondPayment Bond 1320-1
SECTION 1320
PAYMENT 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 Project No. 2011-05, Federal Project
No. BRNBIL (537), Dune Palms Road Bridge Improvements.
WHEREAS, said Principal is required to furnish a bond in connection and with
said Contract, providing that if said Principal, or any of it or its subcontractors shall
fail to pay for any materials, provisions, or other supplies used in, upon, for, or
about the performance of the work contracted to be done, or for any work or labor
done thereon of any kind, the Surety of this bond will pay the same to the extent
hereinafter set forth:
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, it or
its heirs, executors, administrators, successors, or assigns, shall fail to pay for any
materials, provisions, or other supplies used in, upon, for, or about the
performance of the work contracted to be done, or for any work or labor thereon of
any kind or for amount due under the Unemployment Insurance Act with respect to
such work or labor, or for any amounts due, or to be withheld pursuant to Sections
18806 of the Revenue and Taxation Code of the State of California with respect to
such work or labor, then said surety will pay the same in or to an amount not
exceeding the amount hereinabove set forth, and also will pay in case suit is
brought upon this bond, such reasonable attorney's fees to the City as shall be
fixed by the court.
This bond shall insure to the benefit of any and all persons, companies, and
corporations named in Section 3181 of the Civil Code of the State of California so as
to give a right of action to them or their assigns in any suit brought upon this bond.
And the said Surety, for value received, hereby stipulates and agrees that no
change, extension of time, alteration, or addition of 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 of this bond, and it does hereby waive notice
of any 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.
Payment Bond 1320-2
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