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Premium: $8,505.00 Bond No: 12112353
<br /> FAITHFUL PERFORMANCE BOND
<br /> KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood City ("City"),
<br /> San Mateo County, State of California, has awarded to
<br /> Golden Bay Construction, Inc. , hereinafter designated as the
<br /> "Principal", a Contract, the terms and provisions of which Contract are incorporated herein by
<br /> reference, for constructing the following project:
<br /> BREWSTER AVENUE PEDESTRIAN IMPROVEMENTS PROJECT
<br /> and
<br /> WHEREAS, said Principal is required under the terms of said Contract to furnish a bond for the
<br /> faithful performance of said Contract;
<br /> NOW, THEREFORE, we, the Principal, andThe Guarantee Company of North America USA as
<br /> surety, are held and firmly bound unto City, San Mateo County, California, in the penal sum of
<br /> One Million Five Hundred One Thousand Seventy-Six and No/100Dollars ($1,501,076.00 ), lawful money
<br /> of the United States, being one hundred percent(100%)of the Contract amount, for the payment
<br /> of which sum well and truly to be made, we bind ourselves, our heirs, executors, administrators
<br /> and successors, jointly and severally, firmly by these presents.
<br /> THE CONDITION OF THIS OBLIGATION IS SUCH, that if the above bounden Principal, his or
<br /> its heirs, executors, administrators, successors or assigns, shall in all things stand to and abide
<br /> by, and will truly keep and faithfully perform the covenants, conditions, and agreements in the
<br /> said Contract and any alterations made as therein provided, on his or their part, to be kept and
<br /> performed at the time and in the manner therein specified, and in all respects according to their
<br /> true intent and meaning, and shall indemnify and save harmless City, its Council, Commissioners,
<br /> boards, committees, officers, employees and agents, as therein stipulated, then this obligation
<br /> shall be null and void; otherwise it shall be and remain in full force and virtue.
<br /> As a condition precedent to the satisfactory completion of the said Contract, the above obligation
<br /> shall hold good for a period of one(1) year after the completion and acceptance of the said work,
<br /> during which time if the above bounden Principal, his or its heirs, executors, administrators,
<br /> successors or assigns shall fail to make full, complete and satisfactory repair and replacements
<br /> or totally protect the said City from loss or damage made evident during said period of one (1)
<br /> year from the date of acceptance of said work, and resulting from or caused by defective materials
<br /> or faulty workmanship, in the prosecution of the work done, the above obligation shall be and
<br /> remain in full force and virtue.
<br /> And the said Surety, for value received, hereby stipulates and agrees to waive the provisions of
<br /> California Civil Code Section 2819 regarding consent to change, extension of time, alteration, or
<br /> addition to the terms of the Contract or to the work to be performed thereunder, or the
<br /> Specifications accompanying the same shall in any way affect its obligations on this bond; and it
<br /> does hereby waive notice of any such change, extension of time, alteration or addition to the
<br /> terms of the Contract, or to the work, or to the Specifications.
<br /> In the event City, or its successors or assigns, shall be the prevailing party in an action brought
<br /> upon this bond, then, in addition to the penal sum hereinabove specified, we agree to pay to the
<br /> FAITHFUL PERFORMANCE BOND 00610-1
<br /> BREWSTER AVENUE PEDESTRIAN IMPROVEMENTS PROJECT
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