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<br />Premium: $1,197.00
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<br />Bond No. 92917 0864
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<br />SECTION 00201
<br />FAITHFUL PERFORMANCE BOND
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<br />KNO!,. ALL MEN BY THESE PRESENTS: that, WHE~EAS, the City o~ Redwood
<br />City( Clty"), San Mateo County, State of California, has a~rded to
<br />Western States 5"rf';aring Inc. '. hereinafter desígn~IJted as the
<br />'Principal", a Contract, the terms and provisions of which Contract are inÞorporated
<br />herein by reference, for constructing the following project:
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<br />2000-2001 ASPHALT RUBBER CHIP SEAL PROJECT
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<br />WHEREAS, said Principal is required under the terms of said COntract to furnish a bond
<br />for the faithful performance of said Contract;
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<br />NOW, THEREFORE, we. the PrinCipal, and National Fire Insurance co~any of Hartford
<br />as surety, are held and firmly bound unto City, San Mateo COunty, Califo ia in the
<br />penal sum of Four hundred fort three thousand two hundred' 1ft' g~
<br />($ 443,250.00 ). lawful money of the United States. being one hund d perœnrO/1OO
<br />(100%) of the Contract amount, for the payment of which sum well and truly tþ be made,
<br />we bind ourselves, our heirs. executors, administrators and successors, Ijointly and
<br />severally, firmly by these presents.
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<br />THE CONDmON OF THIS OBLIGATION IS SUCH, that if 1he above bounden
<br />Principal, his or its heirs, executors, administrators, successors or assigns,! shall in all
<br />things stand to and abide by, and will truly keep and faithfully perform theicovenants
<br />conditions, and agreements in the said Contract and any alterations mad~ as therei~
<br />provided, on his or their part, to be kept and performed at the time and in the manner
<br />therein specified, and in all respects according to their true intent and meaning, and
<br />shall indemnify and save harmless City, its CounCil, Comrrissione~, boards,
<br />committees, officers. employees and agents. as therein stipulated. then thi$ obligation
<br />shall be null and void; otherwise it shall be and remain in full force and virtue.
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<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
<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 ~II, complete
<br />and satisfactory repair and replacements or totally protect the said City !tom loss or
<br />damage made evident during said period of one (1) year from the date of aoceptance of
<br />said work, and resulting from or caused by defective materials or faulty wornmanship, in
<br />the prosecution of the work done. the above obligation shall be and remain in full force
<br />and virtue.
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<br />And the said Surety, for value received, hereby stipulates and aarees to waive the
<br />provisions of California Civil Code Section 2819 regarding consent to change, extension
<br />of time, alteration, or addition to the terms of the Contract or to the work to ~ performed
<br />thereunder or the Specifications accompanyíng the same shall in any way affect its
<br />obligations on this bond; and it does hereby waive notice of any such chang~, extension
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<br />F~THFULPERFORMANCEBOND
<br />2000-2001 ASPHALT RUBBER CHIP SEAL PROJECT
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<br />00201-1
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