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Premium: $31,507.00 Bond No: 0655088
<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 Casey Construction,Inc.
<br /> hereinafter designated as the"Principal", a Contract, the terms and provisions of which Contract
<br /> are incorporated herein by reference, for constructing the following praject:
<br /> 2015-2016 SANITARY SEWER REPLACEMENT PROJECT
<br /> and
<br /> WHEREAS, said Principal is required under the terms of said Contract to furnish a bond for the
<br /> faithful pertarmance of said Contract;
<br /> International Fidelity Insurance
<br /> NrJW, THEREFt�RE, we, the Principal, and_�om,�anY , as surety, are held
<br /> and firmly bound unto City, San Mateo County, California in the penal sum of
<br /> Three Million One Hundred Twenty-One Thousand Three Hundred F'oriy and No/100
<br /> ($3,121,340.00 ), lawful money of the United States, being one hundred percent
<br /> {100%} of the Contract amount, for the payment of which sum well and truly to be made, we bind
<br /> ourselves, our heirs, executors, administratars and successors, jointly and severally, �rmly by
<br /> these presents.
<br /> THE CONDITION OF THIS OBLIGATION IS SUCH, that if the above bounden Principal, his or
<br /> its heirs, executors, adminis#rators, successors or assigns, shall in all things stand to and abide
<br /> by, and will 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#heir part, ta 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, Cammissioners,
<br /> boards, committees, officers, emp(oyees and agents, as therein stipulated, then this obfiigation
<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 completian 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 C'rty from loss or damage made evident during said period of ane (1}
<br /> yearfrom 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 farce and virtue.
<br /> And the said Surety, for value received, hereby stipula#es and agrees fa waive the provisions of
<br /> Cafifornia Civif Code Section 2819 regarding consent to change, extension af time, alteration, or
<br /> addition to the terms of the Contract or to the work to be performed thereunder, or the
<br /> Specifications accampanying the same shall in any way affect its obligations on this bond; and it
<br /> does hereby waive natice of any such change, extension pf time, alteration or addition to the
<br /> terms of the Contract, or to the work, or to the Specificatians.
<br /> !n the event City, or its suceessvrs or assigns, shall be the prevailing party in an action braught
<br /> upan fhis bond, then, in addition to the penal sum he�einabove 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 court.
<br /> 2015-2016 SANiTARY SEWER REPLACEMENT PRO.lECT
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