PALP INC. DBA EXCEL PAVING COMPANY

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Bid Bond BID BOND The American Institute of Architects, AIA Document No. A310 (February, 1970 Edition) KNOW ALL MEN BY THESE PRESENTS, that we PALP Inc. dba Excel Paving Company as Principal hereinafter called the Principal, and Federal Insurance Company a corporation duly orggaW=d under the laws ofthe state of Indiana as Surety, hereinafter called the Surety, are held and fimily bound unto City of Santa Ana as Obligee, hereinafter called the Obligee, in the sum of Ten percent of the total amount of the bid Dollars ($ 9 o% ), for the payment of which sum well and truly to be made, the said Principal and, the said Surety, bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents. WHEREAS, the Principal has submitted a bid for Grand Avenue NOW,1WREFORE, if the Obligee shall accept the bid of the Principal and the Principal shall enter into a Contract with the Obligee in accordance with the terms of such bid, and give such bond or bonds as may be specified in the bidding or Contract Documents with good and sufficient surety for the faithfirl performance of such Contract and for the prompt payment of labor and material fitmished in the prosecution thereof, or in the event of the failure of the Principal to enter such Contract and give such bond or bonds, if the Principal shall pay to the Obligee the difference not to exceed the penalty hereof between the amount specified in said bid and such larger amount for which the Obligee may in good faith contract with another party to perforin the Work covered by said bid, then this obligation shall be mill and void, otherwise to remain in fidl force and effect. Signed and sealed this ORSC 21328 (5/97) 22nd day of April , 2094 PALP Inc. dba Excel Paving Company Wit0eSS Principal () By: Name/Tide C-FIMININII M`I;°$r"MIr Federal Insurance Company BY:(%e� Surety (seal) %! l Witness ' 00491as Rapp Attorney -in -Fact