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BOND# 103323436
<br /> Premium: $4,689.00
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<br /> SECTION 00201
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<br /> FAITHFUL PERFORMANCE BOND
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<br /> KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood
<br /> Clty("City"), San Mateo County. State of California, has awarded to
<br /> L & B EnKinee~in,~ Inc. , hereinafter designated as the
<br />"Principal', a Contract, the terms and provisions of which Contract am incorporated
<br />herein by reference, for constructing the following project: 2001-2002 COST SHARED
<br />SIDEWALK REPAIR PROJECT; and
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<br />WHEREAS, said Principal is required under the terms of said Contract to fumish a bond
<br />for the faithful performance of said Contract;
<br /> TraVelers Casualty and
<br /> NOW, THEREFORE, we. the Principal, and Surety Compan~ pf America
<br />as. surety, are held and firmly bound unto City, San Mateo County, California, in th~;
<br /> penal sum of Two~..H..u. ndred Forty-Five Thousand , N, ine Hundred~ Dollars
<br />($, 2~45~950.00 ), 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 mede,
<br />we bind ourselves, our heirs, executors, administrators and successors, jointly and
<br />severally, firmly by these presents. *Fifty and no/100 ......
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<br />THE CONDITION OF THIS OBLIGATION IS SUCH, that if the above bounden
<br />Pringipel, his or its heirs, executors, administrators, successors or assigns, shall in all
<br />things stand to and abide by, and will truly keep and faithfully perform the covenants,
<br />conditions, and agreements in the said Contract and any alterations mede as therein
<br />provided, on his or their part, to be kept and performed at the time and in the manner
<br />therein specified, and In all respects according to their true intent and meaning, and
<br />shall indemnify and save harmless City. its Council, Commissioners. boards,
<br />commiffees, officers, employees and agents, as therein stipulated, then this obligation
<br />shall, be null and void; otherwise it shall be end remain in full force and virtue.
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<br />As a condition precedent to the satisfactory co~nplefion of the said Conjunct, the above
<br />obligation shall hold good for a period of one (1) year after the completion and
<br />acceptance of the said work, during which time if the above bounden Principal, his or its
<br />heirs, executors, administrators, successors or assigns shall fall to make full, complete
<br />and satisfactory repair and replacements or totally protect the said City from loss or
<br />damage made evident during said period of one (1) year from the date of acceptance of
<br />said work, and resulting from or caused by.defective materials or faulty workmanship, tn
<br />the prosecution of the work done, the above obligation shall be and remain in full force
<br />and virtue.
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<br />And the said Surety, for value received, hereby stipulates and agrees to waive the
<br />provisions of California Civil Code Section 2819 regarding consent to change, extension
<br />of time, alteration, or addition to the terms of the Contract or to the work to be performed
<br />thereunder or the Specifications accompanying the same shall in any way affect its
<br />obligations on this bond; and it does hereby waive notice of any such change, extension
<br />of time, alteration or addition to the terms of the Contract, or to the work. or to the
<br />Specifications.
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<br />FAIT~HFUL PERFORMANCE BOND 00201-1
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