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Bond Number: 929167418
<br /> premium: $569.00
<br />
<br /> FAITHFUL PERFORMANCE BOND
<br />
<br /> KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood
<br /> City("City"), San Mateo County. State of California, has awarded to
<br /> McGuire and Hester , hereinafter designatec~ as the
<br /> "Principal", a Contract, the terms and provisions of which Contract are incorporated
<br /> herein by reference, for constructing the following project:
<br /> Lagoon Discharge Facility III Outfall Repair Project , and
<br />
<br /> WHEREAS. said Principal is required under the terms of said Contract to furnish a bond
<br /> for the faithful performance of said Contract;
<br />
<br /> NOW, THEREFORE, we, the Principal, and National Fire Insurance Company of Hartford,
<br /> as surety, are held and firmly bound unto City, San Mateo County, California, in the
<br /> penal sum of Seventy-Five Thousand Nine Hundred and no/100 Dollars
<br /> ($ 75,900.00----), 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,
<br /> we bind ourselves, our heirs, executors, administrators and successors, jointly and
<br /> severally, firmly by these presents."
<br />
<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 well and truly keep and faithfully perform the
<br />covenants, conditions, and agreements in the said Contract and any alterations made
<br />as therein provided, on his or their part, to be kept and performed at the time and in the
<br />manner therein specified, and in all respects according to their true intent and meaning,
<br />and 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; otherwise it shall be and remain in full force and virtue.
<br />
<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.
<br />
<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 wise 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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