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<br />SECTION 00610
<br />FAITHFUL PERFORMANCE BOND
<br />
<br />1j¡'¡¡:~¡t..Ipv1 i¡lt ìl,~~i (JON,'¡:¡ACT TERM 8
<br />.\\~o ~ 5Uø.,IECT 1'0 ADJUSTMENT
<br />~~¡;I) qN r:lNAl CONTRACT PRICE
<br />
<br />Bond No.: .6285491
<br />Premium: $3,632.00
<br />
<br />¡<NOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood City("City"),
<br />San ¡ :Mate(') County; State of California, has awarded to
<br />~ vanguard Construction . ' hsreinafter designated as the
<br />"Principal:', a Contract, the terms ançi provisions of which Contract are incorporated herein by
<br />referencé, for constructing the follòwin'g project
<br />
<br />2004-2005 Cost Shared Sidewalk Repair Project
<br />
<br />and
<br />
<br />WHEREAS, said Principal is required under the terms of said Contract to furnish a bond for the
<br />faithf1J! performance of s~lÍd Contract;
<br />
<br />. . F. N. 1 I C of America
<br />NOW,' THEREFORE, V:le, the pnnClpa!" and Hst aUona nsurance ompany ,as
<br />surety, are held and fimily bound unto Cijy, S'lfl ~t'1P fA4ntyà ¡;;plifA'i'1i¡¡!,,!n the penal sLIm of
<br />Three Hundred Thirtv Six Thousand Two un rOollafS{!;:Jj'6.25Ö:ðO ), lawful money
<br />of the United States, qeing onø hundred pørcent (100%) of tile Contract amount, for the
<br />payrtìent of which sum . well and truly to be made, we bind ourselves, our heirs, exec~Jtors,
<br />admlnistralors and successors, jointly and severally, firmly by these presents.
<br />
<br />THE CONDITION OF THIS OBLIGATION IS SUCH, that if the above bouncjen Principal. his or
<br />its heirs, executors, administrators, successors 01" assigns, shall in all things stand to and abide
<br />by) and will truly keep and faithfully perform the covenants, conditions, and agreements in the
<br />said Contract and any alteíations made as therein provided, on his or their part, to be kept and
<br />perfoímed at the time and in the manner therein specified, and in all respects according to their
<br />". triJ0 intent and me:=;ning, 811d shall indemnify and save harmless City, its Council,
<br />Commissioners, boards, committees. officers, employees and agel1ts, 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 />
<br />As a condition preGedent to the satisfactory completion of the said Contract, the above
<br />obligation shall holà good for a period of one (1) year after the completion and acceptance of
<br />the said work, during whic!, time if the above bounden Principal, his or its heirs, executors,
<br />administrators, successors or assigns shall fail to make full, complete and satisfactory repair
<br />and replacements or totany prolect the said City from loss or damage made evident during said
<br />period of one (1) year from the data of acceptance of said work, and resullìng 'froll1, or caused by
<br />defective materials or faulty workmanship, in the prosecution of the work done, the above
<br />obiig¡:,tîon shall be and remain in full force and virtue.
<br />
<br />And the said Surety, for value received, hereby stipulates and agrees to waive the provisions of
<br />Califo¡nìa Civil Code Section 2819 regarding consent to change, extension of time, alteration, or
<br />additiön to the terms of the Contract or to t!1e work to be performed thereunder, or the
<br />Specificalions accompanying the same shall in ~ny way affect its obligations, on this bond; ahd it
<br />dòes hereby waive notice of any such change, extension of time, 'alteration or addition to the
<br />terms of the Contract, or to the work, or to the Specifications,
<br />
<br />00610-1
<br />
<br />FAITHFUL PERFORMANCE BOND
<br />
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