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<br /> Bond No. BA3654
<br /> Premium: $7,127.00
<br /> SECTION 00610
<br /> FAITHFUL PERFORMANCE BOND
<br />KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood City(ICity"),
<br />San Mateo County, State of California, has awarded to
<br />Dryco Construction, Inc. . hereinafter designated as the
<br />"Principal", a Contract, the terms and provisions of which Contract are incorporated herein by
<br />reference, for constructing the followinQ project:
<br /> FAIR OAKS SCHOOL PLAY FIELD IMPROVEMENTS PROJECT
<br />and
<br />WHEREAS, said Principal is required under the terms of said Contract to furnish a bond for the
<br />faithful performance of said Contract;
<br />NOW, THEREFORE, we, the Principal, and Contractors Bonding and Insurance Company, as
<br />surety, are held and firmly bound unto City, San Mateo County. California, in the penal sum of
<br />Eîght Hundred_Three Thousand _E_ig~t Hundre<!,~~venty 5Î1'{)0llars ($803,876.00, ), lawful money
<br />of the United States, being one hundred percent (100%) of the Contract amount, for the
<br />payment of which sum well and truly to be made, we bind ourselves, our heirs, executors,
<br />administrators and successors, jointly and severally, firmly by these presents.
<br />THE CONDITION OF THIS OBLIGATION IS SUCH, that if the above bounden Principal, his or
<br />its heirs, executors, administrators, successors or assigns, shall in all things stand to and abide
<br />by, and will truly keep and faithfully perform the covenants, conditions, and agreemants in the
<br />said Contract and any alterations made a,s therein provided, on his or their part, to ba 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,
<br />Commissioners. boards, committees, officers, employees and agents, as, therein stipulated,
<br />then this obligation shall be null and void; otherWise it shall be and remain in full force and
<br />virtue,
<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 accaptance of
<br />the said work, during which time if the above bounden Principal, his or its heirs, executors,
<br />administrators, successors or assigns shall fall to make full, complete and satisfactory repair
<br />and replacements or totally protect the said City from loss or damage made evident during said
<br />period of one (1) year from the date of acceptance of said work. and resulting from or caused by
<br />defective materials or faulty workmanship, in the prosecution of the work done, the above
<br />obligation shall be and remain in full force and virtue.
<br />And the said Surety, for value received, hereby stipulates and agrees to waive the provisions of
<br />California Civil Code Section 2819 regarding consent to change, extension of time, alteration, or
<br />addition to the terms of the Contract or to the work to be performed thereunder, or the
<br />Specifications accompanying the same shall in any way affect Its obligations on this bond; and it
<br />FAITHFUL PERFOAMANCE BOND 00610-1
<br />FAIR OAKS SCHOOL PLAY FIELDS IMPROVEMENTS
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