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BOND# 103323437
<br /> Premium: $9,799.
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<br /> SECTION 00201
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<br /> FAITHFUL PERFORMANCE BOND
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<br /> KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood
<br /> City("City"), San Marco County. State .of California, has awarded to
<br /> L & B En~ineerin~ Inc. , hereinafter designated as the
<br /> ',Pril~cipal", a Contract, the terms and provisions of which Contract are incorporated
<br /> herein by reference, for constructing the following project:
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<br /> 2000-2001 TREE PRESERVATION AND SIDEWALK REPAIR PROGRAM; and
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<br /> WHEREAS, said Principal is required under the terms of said Contract to furnish a bond
<br /> for the faithful performance of said Contract;
<br /> Travelers Casualty and
<br />" NOW, THEREFORE, we, the Principal, and Surety Compan~ of America
<br /> as surety, are held and firmly bound unto City, San Mateo County, California. in the
<br /> penal sum of Six Hundred Twenty-Nine Thousand,Nine Hundred* Dollars
<br /> ($ 629,900.00 ), ~wfu| money of the United S~tes, being one hundred percent
<br /> (100%) of the Contract amount, for the payment of which sum well and truly to be made,
<br /> we bind ourselves, our heirs, executors, administrators and successors, jointly and
<br /> severally, firmly by these presents.
<br /> and no/100 ....
<br /> THE CONDITION OF THIS OBLIGATION IS SUCH, that if the above bounden
<br /> Principal. 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 made 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 /> committees, officers, employees and agents, as therein stipulated, then this obligation
<br /> shall be null and void; othei~vise it shall be and ~emain in full force and virtus.
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<br /> As a condition precedent to the satisfactory completion of the said Contract, 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 fail 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, in
<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 0f California Civil Code Section 281g 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 cloes 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 /> FAITHFUL PERFORMANCE BOND 00201-1
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