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~. ,. *This form doeS ~ot mo~lily the contmc~agr~menL r~ond No BE 2627079
<br /> _ _ cemium: $2,463.00
<br />
<br /> FAITHFUL PERFORMANCE BOND
<br />
<br /> KN. OW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood
<br /> City('City'), San Mateo Coun.ty, State of Califomia, has awarded to
<br /> SC-. . Barber Construction, Inc. , hereinafter designated as the
<br /> "Principal", a Contract, the terms and provisions of which Contract are incorporated
<br /> herein by reference, for constructing the following project:
<br /> Emergency Power for Essential FaciIities , and
<br />
<br /> WHEREAS, said Principal is required under the terms of said Contract to fumJsh a bond
<br /> for the faithful performance of said Contract;
<br />
<br /> NOW, THEREFORE, we, the Principal, and Gulf ]-n~]rance Comt3anv
<br /> as surety, are held and firmly bound unto City, San Mateo County, California, in the
<br /> penal sum of N±nety-eight thousand, five hundred Dollars
<br /> ($ 98,500.00 ~, lawful money of the United States, being one hundred percent
<br /> I100%) 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 Principal,
<br /> his or its heirs, executors, administrators, successors or assigns, shall in all things stand
<br /> to and abide by, and well and truly keep and faithfully perform the covenants, conditions,
<br /> and agreements in the said Contract and any alterations made as therein provided, on
<br /> his or their part, to be kept and performed at the time and in the manner therein
<br /> specified, and in all respects according to their true intent and meaning, and shall
<br /> indemnify and save harmless City, its Council, Commissioners, boards, committees,
<br /> officers, employees and agents, as therein stipulated, then this obligation shall be null
<br /> 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 hotd 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 ~oss 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 2519 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.
<br />
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