Agmt01 S.G. Barber - Laserfiche WebLink

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Gulf Insurance Grou BOND NUMBER BE2627078 PREMIUM: $ 506.20 KNOWN ALL MEN BY THESE PRESENTS: THAT S.G. Barber Construction, Inc. (hereinafter 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 Citv ,(hereinafter called Obliger), intbe full and just sum of Twenty thousand two hundred forty ~ight dollars ($20,248.00). To the payment of which sum, well and truly to be made, the Prindpal and surety bind themselves, their and each of their heirs, executors, adminisWators, successors and assigns, jointly and severally, firmly by these presents. Signed, sealed and dated this 23rd day of August 2001. WHEREAS, the Principal has entered into a certain written contract, dated the 6th day of August 2001 with the Obliger for 2001-2002 Emergency Electrical Repairs Service NOW ,THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, That, if the Principal shall indenmify the Obliger 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 faitlffully and punctually perform all the terms and conditions of said contract to be performed by the Obliger. 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 Obliger 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 knowledge of the Obliger, 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 provisions of the contract specifications 5. All 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 txvelve months form the date fixed in said contract for its completion.