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<br /> � Bond#: 106084572
<br /> Premium:$4,362.00
<br /> FAlTHFUL PERFOFii1flANCE BOND
<br /> KNOW ALL MEN BY THESE PRESENTS: that, WHER�AS, the City of Redwood City("City"),
<br /> San Mateo County, Sta#e af California, has awarded ta
<br /> o�Grady Paving, i��. , hereinafter designated as the
<br /> "Principal", a Contract, the terms and provisions af which Contract are incorporated herein by
<br /> reference, for constructing the following project:
<br /> 2014 OVERLAY PROJECT
<br /> and
<br /> WHEREAS, said Principal is required under the terms of said Contract to furnish a bond for the
<br /> faithful pertormance af said Contract;
<br /> NOW, THEREFORE, W2, th� Principal, anCl_ Travelers Casualty and Surety Company of America , as
<br /> surety, are held and firmly bound unto City, San Mateo County, California, in the penal sum of
<br /> Nine Hundred Eight Thousand Seven Hundred Seventy&80/100 Dollars ($_ sos,770.80 ), law€ul money
<br /> af the Unifed States, being one hundred percent (100%) of the Contract amount, for the paymert#
<br /> of which sum well and truly to be made, we bind oursefvas, our heirs, executors, administrators
<br /> and successors,jointly and severally, firmly by these presents.
<br /> THE CONDITION OF THIS OBL[GATION IS SUCH, that if the above bounden Principal, his or
<br /> its heirs, executars, administra#ors, successors ar assigns, shall in all things stand to and abide
<br /> by, and wifl truly keep and faithfully pertorm 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 #herein speci#ied, and in all respects according to their
<br /> Erue intent and meaning, and shail 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 fu[I force and virtue.
<br /> As a condition precedent to the satisfactory completion of the said Contract, the above abligation
<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 #he above bounden Principal, his or i#s heirs, executors, administrators,
<br /> successors or assigns shall fail to malce full, complete and satisfactory repair and replacements
<br /> or totally protect the said City from Ioss or damage made evident during said period of one (1)
<br /> year from the date of accep#ance of said work, and rest�lting fram or caused by defective materials
<br /> or faulty workmanship, in the prosecution of the work done, the abave 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 28'f9 regarding consent to change, extension of time, alteration, or
<br /> addition to the terms of the Contract or to the work to be pertorrned thereunder, or the
<br /> Specifications accompanying the sarne 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 tf�e 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, than, in addition to the penal sum hereinabove specified, we agree to pay to the
<br /> said City, ar its successors or assigns, a reasonable sum on account of attorney's fees in such
<br /> action, which sum shall be fixed by the cou�t.
<br /> [N WITNESS THEREOF, the above bounden parties have executed this instrument under their
<br /> seafs this 18th day of May 20 15 the name and corporate seal of each
<br /> 20�4 OVERLAY PR�JECT
<br />
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