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,� � ' , Bond No. 024060053
<br /> � w �
<br /> Premium: $ 2,503
<br /> FAITHFUL PERFORMANCE BOND
<br /> KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood City("City"j,
<br /> San Mateo Courrty, State of Califomia, has awarded to
<br /> Pavement Coatings Co. � ��n�� ��p�� � �
<br /> "Principal", a Corrtrac;t, the tenns and provis�ons of whic� Cor�tract are incorporated herein by
<br /> ref�ence,for c�structing the following projec�
<br /> 2014201b SLURRY SEAL PROJECT
<br /> and
<br /> WHEREAS, said Prinapal is required under the terms of said Contract ta fumish a bond for the
<br /> faithful perfo�mmance af said Contract;
<br /> N4W, THEREFORE, we, the Principal, and The on�o Casualty Insurance Company , a$
<br /> surety, are heid and firmty bound unto City, San Matea County, Califomia, in the penal sum af
<br /> Four Hundred Sixty-Three Thousand, Five Hundred Sixty-Five �"a� /$ 463,565 �� �aw,u� m��ey
<br /> l
<br /> of the United States, being one hundred percer�t(104°�b)af the Carrtract amount,for the paymerrt
<br /> af which sum weii and truly to be made, we bind ourselves, our heirs, execx�tors, administra#ors
<br /> and successors,jointly and severally� firmiy by these preser�ts.
<br /> THE C4NDITION OF THIS �BLIGATIC�N IS SIJCH, that if the above bounden Principal, his or
<br /> its heirs, executors, a�dministrators, sur�cessors or assigns, shatl in ali things stand to and abide
<br /> by� and witi truly keep and faithfuily perform the covenants, condifions, and agreements in the
<br /> said Contract and any alterations made as therein provided, on his oc thejr part, to be kept and
<br /> pertormed at the time and in the manner therein specified, and in all res� a�ccording to their
<br /> true intent and meaning.and shall indemn'rfy and save harmiess City�its Couna'1,Commiss�Oners,
<br /> boards, commit�es, officers, empioyees and agents, as therein s�pulated, then this obligation
<br /> shall be nui!and void;otherwise�shafl be and rsmain in full force and virtue.
<br /> As a condifion prec�,dent ta the saasfactory completion af the said Corrtract,the above obligation
<br /> shall hoid gaod for a period of one(1)year aRer the c�mpletion and ac�eptaar�e of the said w!�rk,
<br /> duri�g which time if the above bounden Prinapal. his or its heirs, executors� ac�nunistrators,
<br /> suc.cessors or assigna �hall faii to make fut{, complete and sa�tisfactory repair and replacements
<br /> or totally protect the s�id Cityy from lass ar damage made eviderrt during said period of one (1)
<br /> year from the date af acceptance aF said work,and resulting from or caused by defectivve materials
<br /> or faulty workmanship, in the prasecu�on of the work dane, the above obligaaon shall be and
<br /> remain in full force and virtue.
<br /> And the said Surety, for value received, hereby stipulates and agrees to wafve the provisions of
<br /> Califomia C[vit Cade Secti�on 2819 regarding consent to change, extension of time, alteration, or
<br /> additi�on to the temns of the Contract or to the work to be perfamed thereuncler, or the
<br /> Speafic�tions,accompanying the same shail in any way affect its obligations on this bond; and it
<br /> does F�reby waive notice of any such change, extension of time, alteration or a�iditiort to the
<br /> terms of the Car�tract, or to the wark, or to the Speafications.
<br /> in the event Cit�r, or its successors or assigns, shall be the prevailing party in an ac�ion braught
<br /> upon this bond� then, in addition to the penal sum hereinabove speaf�ed, we agree to pay to t�e
<br /> said City� or its sucxessors ar assigns, a reasonabie sum on aocour�t of attorney's fees in such
<br /> action, which sum shail be fixed by the court.
<br /> IN WITNESS THERE��, the ah�ve bounden parties have executed this insVument und�their
<br /> seals this 12th day of A"g"St 20 15 the name and corporate seat of each
<br /> FAITHFUL PERFORMANCE BOND
<br /> 20142815 SL.URRY SEAL PROJECT
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