Agmt01 S.G. Barber Construction - Laserfiche WebLink

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BOND NUMBER BE2627080 PREMIUM: $ 1,025. O0 KNOWN ALL MEN BY THESE PRESENTS: THAT S.G. Barber Construction, Inc. (hereinaiter called principal), as Principal, and the Gulf Insurance Company, a corporation of the State of Missouri with its principal Office in San Diego, Ca ( hereinafter called Surety), as Surety, are held and firmly bound unto City of Redwood City ,(hereinaRer called Obligee), in the full and just sum of Fortv one thousand & no/100--- ($41,000.00). To the payment of which sum, well and truly to be made, the Principal and surety bind themselves, their and each of their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents. Signed, sealed and dated this 19th day of October 2001. WHEREAS, the Principal has entered into a certain written contract, dated the 20th day of September 2001 with the Obligee for 2001-2002 Trucking and Hauling Service NOW ,THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, That. if the Principal shall indemmfy the Obligee against any and all loss or damage directly arising by reason of the failure of the Principal to faithfully perform said contract, then this obligation shall be void; otherwise to remain in full force and effect. This bond is executed and accepted upon the following express conditions precedent: 1. That the Obligee shall faithfully and punctually perform all the terms and conditions of said contract to be performed by the Obligee. 2. That if the Principal shall abandon said contract or be lawfully compelled by reason of a default to cease operations thereunder, the Surety shall have the right at its option to complete said contract or to sublet the completion thereof. 3. That the Obligee shall notify the Surety by registered letter, addressed and mailed to it at its Principal Office, of any breach of said contract within a reasonable time after such breach shall have come to the knoxvledge of the Obligee, or the Architect, or Engineer. 4. That the Surety shall not be liable for any provisions of the contract or specifications respecting guarantees of efficiency or wearing qualities, of for the maintenance of repairs, nor is the Surety obligated to furnish any other bond covering such pro~sions of the contract specifications 5. Ail suits at law or proceedings in equity to recover on this bond must be instituted within twelve months after the completion of said contract~ and in any event within twelve months form the date fixed in said contract for its completion. S .G. Barber Construction, Inc.