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Bond No: �2113593 Premium is for contract term and is subject to
<br /> Premium: $4,812.00 Executed in Duplicate adjustments based on final contract price.
<br /> FAlTH�'U�.RER�t7RN1ANC� BC►M�
<br /> KNt3W AI�L ME� 8Y THE�E PRESENTS: tha#, WHEREAS, the City crf Rsdwr��ad City{°City"),
<br /> San Mateo County �tate of California, h�s award�d to
<br /> American Asphalt Repair anc�Resur acing Company,Inc. }��rein�fter designatsd as the
<br /> "Principa!", a Contract, the terms and provisions c�f which Contract �re incorporat�i her�in by
<br /> reference,for constructing the follawing projer�:
<br /> 2013-2014 SLUJRRY SEAL R(�t�JECT
<br /> and
<br /> WHEREAS, said Principaf is requir�i under the terms of said Gontract ta furnish � bond far the
<br /> faithfuf pert'ormancs ofi said Contract;
<br /> NCiW, THEREFORE, W�, th8 Principal, �n� The Guarantee Company of North America USA � ��
<br /> surety, ara held and firmly baund unto City, San Ma�teo Gaunty, Califarnia, in the pen�l sum of
<br /> Seven Hundred Sixry Two Thousand Three Hundred Twenty and 74/100 ������ {� 7C2,320.74 )� ��rn�ful money
<br /> of the United States, being ane hundred percent(100°l0}of the Contract amount, for the payment
<br /> c�f which sum well and fruly to be made, we bind aurselves, c�ur heirs, executors, administrators
<br /> and successors,jointly and severally, firmly by these presents.
<br /> THE C�NL�ITiON t3F THIS OBl,iGAT10N IS SUCH, that if the above bc�unden Principal, his or
<br /> its heirs, executors, administratars, successors ar assigns, shall in all things stand to and abide
<br /> by, and wilf truly keep and faithfully perform the covenants, conditions, and agreemerrts in the
<br /> said Contract and arty atterations rnade as therefn provided, on his or their part, to be kept and
<br /> performed at#he time and in the rnanner therein specified, and in a(I respects according ta their
<br /> true intent and rr►eaning,and shall indemnify and save harmless City,its Council, Commissioners,
<br /> baards, committees, officers, employees and agents, as there�n stipulated, then this obligation
<br /> shall be nuli �nd void; otherwise it shal! be and remain in full force and virtue.
<br /> As a condition precedent to the satisfactc�ry cornplstfan of the said Corrtract, the abave obligation
<br /> shali hold good#or a period of one{1)year a#�er the ct�mpJetion and acceptance of the said work,
<br /> during which time if the above bouncfen Principal, t�is or its heirs, executors, administrators,
<br /> successors or assigns shall fail ta make full, cnm�leke and satisfactory repair and replacem�nts
<br /> or totally protect the said City from lass or damage made eviclent during said period of one (1)
<br /> year from the date af aaaepfance of said work, and resulting fram or caused by detectiue materials
<br /> or faulty workmanship, in the prosecutian af the work dane, the abvve abligation shall be and
<br /> remain in full fiorce and virtue.
<br /> And the said Sure#y, fa�value receivad, hereby sfipulates and agre�s to waive the provisions of
<br /> Califarnia CiviE Cads Section 2819 �egarding cansent to change, extsnsion of time, �Iteration, or
<br /> addition to the terms of #he Contract or to the work to be perforrned thereunder, or the
<br /> Specifiaations accompanying the same shalf in any way affect its obligations on this bond; and it
<br /> does hereby waive natice of any such change, e�ctension of time, alteration or �ddition ta the '
<br /> terms of the Contract, ar to the work, or to the Specifications.
<br /> In the event City, or its successars or assigns, shall be the prevaiiing party in an action brought
<br /> upon this band, then, in addition to the pena! surn hereinabav�specified, we sgree to pay to the
<br /> s�id City, ar its successars or assigns, a reasonable sum tin account of at�omey's fess in such
<br /> action, which sum shaq be fixed by the court.
<br /> FAlTHFtJ�PERFpRMANCE BC}ND
<br /> 2013-2014 SLURRY SEAL PR{3JECT
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