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<br /> Executed in Duplicate Bond No. 106292949
<br /> Premium: $ 7,137.00
<br /> FAITHFUL PERFORMANCE BQND
<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 /> American Pavement Systems. Inc. , hereinafter designated as the
<br /> "Principal", a Contract, the terms and provisions of which Contract are incorpc�rated herein by
<br /> reference, for constructing the following project:
<br /> 2014-2015 ASPHALT RUBBER CHIP SEAL AND SP�T REPAIR 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, WB, the Principal, �t1CJ Travelers Casualty and Surety Company ofAmerica , aS
<br /> surety, are held and firmly bound unto City, San Mateo County, California, in the penal sum of '
<br /> One million sevenN four thousand one hundred fifty eight and 95/100 DOIIaCS �$ 1.074.158.95 ), IawPul money
<br /> of the United Sfates, 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 OBLIGATIdN 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, emplayees and agents, as therein stipulated, then this obligation
<br /> shail be null and void; otherwise it shall be and remain in full farce and virtue.
<br /> As a condition precedent to the satisfactory completion of the said Contract, the above obligation
<br /> shall hald good for a period of one(1)year after the campletion and acceptance af 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 af acceptance of said work, and resulting from or caused by defective materials I
<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 Specificatians.
<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 /> said City, or its successors or assigns, a reasonable sum on account af attorney's fees in such
<br /> action, which sum shall be fixed by the court.
<br /> IN WITNESS THEREOF, the above bounden parties have executed this instrument under their
<br /> seals this 4th day of Auqust 20 15 the name and corporate seal of each
<br /> FAITHFUL PERFORMANCE BOND 00610-1
<br /> 2014-2015 ASPHALT RUBBER CHIP SEAL AND SPOT REPAIR PR�JECT
<br />
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