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HomeMy WebLinkAboutGriffith Company PWCA Main Street I-15 Freeway Interchange Improvements Project 10-12-2021 Executed in Duplicate BOND NO. 024254534 PREMIUM$ 33,140.00 FAITHFUL PERFORMANCE BOND (100%of Total Contract Amount) WHEREAS,the City Council of the City of Lake Elsinore,State of California,has awarded to and entered into an Agreement with Griffith Company (hereinafter designated as"Principal") whereby Principal agrees to construct or install and complete certain designated public improvements, which said Agreement,effective on the date signed by the City Manager,and identified as MAIN STREET INTERCHANGE IMPROVEMENT PROJECT CIP PROJECT NO.Z10017 is hereby referred to and made a part hereof;and WHEREAS,said Principal is required under the terms of said Agreement to furnish a bond guaranteeing the faithful performance of said Agreement. NOW THEREFORE,we the undersigned Principal and Liberty Mutual Insurance Company as Surety,are held and firmly bound unto the City of Lake Elsinore(hereinafter designated as"City")in the penal sum of Seven Million Nine Hundred Ninety Eight*dollars($7.gg603.5q,lawful money of the United States,for which payment of which sum well and truly to be made,we bind ourselves,our heirs, executors,administrators,successors and assigns,jointly and severally,firmly by these presents. *Thousand Six Hundred Three and 50/100 THE CONDITION OF THIS OBLIGATION IS SUCH,that if the above bounded Principal,his or her or its heirs,executors,administrators,successors or assigns,shall in all things stand to and abide by,and well and truly keep and perform the covenants,conditions and provisions in said Agreement and any alterations thereof made as therein provided,on his or her 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,agents and employees,as therein stipulated, then this obligation shall become null and void;otherwise it shall be and remain in full force and effect. As a part of the obligation secured hereby and in addition to the face amount specified therefor,there shall be included costs and reasonable expenses and fees,including reasonable attorneys'fees,incurred by City in successfully enforcing such obligation,all to be taxed as costs and included in any judgment rendered. The Surety hereby stipulates and agrees that no change,extension of time,alteration,or addition to the terms of the Agreement 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 Agreement or to the work or the specifications. (SIGNATURE PAGE FOLLOWS) D-12 BOND NO. 024254534 SIGNATURE PAGE TO FAITHFUL PERFORMANCE BOND IN WITNESS WHEREOF, this instrument has been duly executed by the Principal and Surety above named and we have hereunto set our hands, and seals on this30thday of September 2021 . BIDDER/PRINCIPAL: SURETY: Principal Name: Griffith Company Name. Liberty Mutual Insurance Company Address. 12200 Bloomfield Avenue Address: 790 The City Drive South. #200 Santa Fe Springs, CA 90670 Orange, CA 92868 Telephone No.: _ Telephone No.: ( Print Name: cas alker,VP/Regional Print Name: Mqr Heather Saltarelli �Attorney-in-Fact Approved as to yca his �� day of — 20s�� City Attorney City of Lake Elsinore NOTE: This bond must be executed by both parties. Corporate seal may be affixed hereto. All signatures must be acknowledged before a notary public (attach acknowledgments). The attorney-in-fact for the corporate surety must be registered, as such. in at least one county in the State of California. (Attach one original Power of Attorney sheet for each bond). Executed in Duplicate BOND NO. 024254534 PREMIUM$Included in Performance Bond LABOR AND MATERIALS BOND (100%of Total Contract Amount) WHEREAS,the City Council of the City of Lake Elsinore,State of California,has awarded to and entered into an Agreement with Griffith Company (hereinafter designated as"Principal") whereby the Principal agrees to construct or install and complete certain designated public improvements,which said Agreement,effective on the date signed by the City Manager,and identified as MAIN STREET INTERCHANGE IMPROVEMENT PROJECT CIP PROJECT NO.Z10017 is hereby referred to and made a part hereof;and WHEREAS,under the terms of the Agreement,said Principal is required before entering upon the performance of the work,to file a good and sufficient payment bond with the City of Lake Elsinore to secure the payment of 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,we the undersigned Principal and Liberty Mutual Insurance Company,as Surety are held and firmly bound unto the City of Lake Elsinore(hereinafter designated as"City")and all contractors,subcontractors,laborers,material suppliers,and other persons employed in the performance of the Agreement as referred to in Title 3(commencing with Section 9000)of Part 6 of Division 4 of the California Civil Code,in the sum of Seven Million Nine Hundred Ninety Eight Thousand Six* dollars($7,998,603.50 ),lawful money of the United States,for materials furnished or labor thereon of any kind,or for amounts due under the Unemployment Insurance Code with respect to such work and labor,that the Surety will pay for the same in an amount not exceeding the sum specified in this bond. In the event suit is brought upon this bond,the Surety shall pay in addition to the face amount thereof,all costs and reasonable expenses and fees,including reasonable attorney's fees,incurred by the City in successfully enforcing this obligation,to be awarded fixed by the court,and to be taxed as costs and to be included in the judgment therein rendered *Hundred Three and 50/100 It is expressly stipulated and agreed that this bond shall inure to the benefit of any of the persons, companies,and corporations entitled to file claims under Title 3(commencing with Section 9000)of Part 6 of Division 4 of the California Civil Code,to give a right of action to such persons 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 obligation on this bond,and it does hereby waive notice of any such change,extension,alteration, or addition. (SIGNATURE PAGE FOLLOWS) BOND NO. 024254534 SIGNATURE PAGE TO LABOR AND MATERIALS BOND IN WITNESS WHEREOF, this instrument has been duly executed by the Principal and Surety above named and we have hereunto set our hands, and seals on this30thday of September 2021. BIDDER/PRINCIPAL: SURETY: Principal Name: Griffith Company Name: Liberty Mutual Insurance Company Address: 12200 Bloomfield Avenue Address: 790 The City Drive South, #200 Santa Fe Springs, CA 90670 Orange. CA 92868 Telephone No.: t. alker, Telephone No.: ( L c VP/Reglonal Mqr Print Name: Print Name: Heather Saltarelli Attorney-in-Fact Approved as F m this day of 20 z� City Attorney City of Lake Elsinore NOTE: This bond must be executed by both parties. Corporate seal may be affixed hereto. All signatures must be acknowledged before a notary public (attach acknowledgments). The attorney-in-fact for the corporate surety must be registered. as such. in at least one county in the State of California. (Attach one original Power of Attorney sheet for each bond).