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- -- Bond ~ SP6102
<br /> Premium - $9547.00
<br />
<br /> FAITHFUL PERFORMANCE BOND
<br />
<br /> KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Reowood
<br /> City("City"). San Mateo County, State of California, has awamed to
<br /> Robert A. Bothman. I~q, , hereinafter designated as the
<br /> "Principal", a Contract, the terms and provisions of which Contract are incorporated
<br /> herein by reference, for constructing the following project:
<br /> Hoover Sport Field Improvement Project , and
<br />
<br /> WHEREAS, said Pdncipat is required under the terms of said Contract to furnish a bond
<br /> for the faithful performance of said Contract;
<br />
<br /> NOW, THEREFORE, we, the Principal, and St. Paul Fire and Marine Insurance Company
<br /> as surety, are held and firmly bound unto City, San Mateo County, California, in the
<br /> penal sum of ** [2oltars
<br /> ($i..,491,157.00 ), lawful money of the United States, being one hundred percent
<br /> (400%) 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
<br /> Principal, his or its heirs, executors, administrators, successors or assigns, shall in all
<br /> things stand to and abide by, and well and truly keep and faithfully perform the
<br /> covenants, conditions, and agreements in the said Contract and any alterations macle
<br /> as therein provided, on his or their part, to be kept and performed at the time and in the
<br /> manner therein specified, and in all respects according to their true intent and meaning,
<br /> and shall indemnify and save harmless City, its Council, Commissioners, boards,
<br /> committees, officers, employees and agent, s, as therein stipulated, then this obligation
<br /> shall be null and void; otherwise it shall be and remain in full forca and virtue.
<br />
<br />As a condition precedent to the satisfactory completion of the said Contract, the a~ove
<br />obligation s~all hold good for a pedod of one (1) year after the completion and
<br />acceptance of the said work, during which time if the above bounden Principal, his or [ts
<br />heirs, executors, administrators, successors or assigns shall fail to make full, c~mpieta
<br />and satisfactory repak and replacements or totally protect the said City from loss or
<br />damage made evident during said pedod 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 2819 regarding consent to change, extension
<br />of time, alteration, or addition to the terms of the Contract or t~ 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 />
<br />One Million Four Hundred Nimety One Thousand One Hundred Fifty Seven Dollars
<br />& No Cents
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