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<br />Executed i,- up1icate
<br />
<br />Bon
<br />
<br />6140848
<br />
<br />SECTION 00201
<br />
<br />F~THFULPERFORMANCEBOND
<br />
<br />KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood
<br />City(MCity"), San Mateo County, State of California, has awarded to
<br />Interstate Grading & Paving, Inc. , hereinafter
<br />designated as the "PrincipalB, a Contract, the terms and provisions of which
<br />Contract are incorporated herein by reference, for constructing the following
<br />project:
<br />
<br />ROOSEVELT AVENUE RECONSTRUCTION PHASE"
<br />(From Valota Road to Hudson Street)
<br />
<br />and
<br />
<br />WHEREAS, said Principal is required under the terms of said Contract to furnish a bond
<br />for the faithful performance of said Contract:
<br />
<br />NOW; THEREFORE, we, the Principal, and Safeco Insur¡,¡nce Companv of AIijHi¡;a
<br />as surety, are ~d anß. 'm.~ b¥fi'nd to c~ ~M Mil~ c~~"tyš c~r~ia, ,!.n"J~red
<br />penal sum of ree n I~ __1 tL JLE -_.?~ an- __IeeD'ò'ß~rs
<br />($3.358.373.50 ), lawful money of the United States, being one hundl'Eld percent
<br />(100%) of the Contract amount, for the payment of which sum well and tn.dy to be made,
<br />we bind ourselves, oLlr heirs, executors, administrators and successors, jointJy and
<br />severally, firmly by these presents.
<br />
<br />THE CONCmON OF THIS OBLIGATION IS SUCH, that if the above bounden Principal,
<br />his Or its heirs, executors, administrators, successors or assigns, shalf in all things stand
<br />to alJd abide by, and will truly keep and faithfully perform the covenants, conditions,.and
<br />agreements in the said Contract and any alterations made as therein provided, on his or
<br />their part, to be kept and peñormed at the time and in the manner therein specified, and
<br />in all respects according to their true intent and meaning, and shall indemnify and save
<br />harmless City, its CounCil, Commissioners, boards, committees, officers, employees and
<br />agents, as therein stipulated, then this obligation shall be nLlII and void: otherwise it shall
<br />be and remain in full force and virtue.
<br />
<br />As a condition precedent to the satisfactory completion of the said Contract, the above
<br />oblìgation shall hold good for a period of one (1) year after the completion and
<br />acceptance of the said work. during which time if the above bounden Principal, his or its
<br />heirs, executors, administrators, successors or assigns shall fail to make full, qomplete
<br />and satisfactory repair and replacements or totally protect the said City from loss or
<br />damage made evident during said period of one (1) year from the date of acceptance of
<br />said work, and resulting from or caused by defective materials or faulty workmanship, in
<br />the prosecution of the work done, the above obligation shall be and remain in full force
<br />and virtue.
<br />
<br />And the said Surety, for value received, hereby stipulates and agrees to waive the
<br />provisions of California Civil Code Section 2819 regarding consent to change, extension
<br />of time, alteration, or addition to the terms of the Contract or to the work to be performed
<br />thereunder or the Specifications accompanying the same shall in any way affect its
<br />
<br />FAITHFUL PERFORMANce BOND
<br />ROOSEVelTAvE~UERecoNsTRucnONPROJECT
<br />
<br />00200-1
<br />
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