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<br />Bond Number: CDO240
<br />Premium $738.00
<br />
<br />SECTION 00201
<br />FAITHFUL PERFORMANCE BOND
<br />
<br />KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood
<br />City("City") , San. ~at~o C.ounty, State of California, has awarded to
<br />Pacheco Utility Line Builders, Inc. ~ hereinafter designated as
<br />the "Principal", a Contract, the terms and provisions of which Contract afe incorporated
<br />herein by reference, for constn.Jcting the following project:
<br />Electrical Modifications for the Main Library Project
<br />AND, WHEREAS, said Principal is required under the terms of said Contract to furnish
<br />a bond for the faithful performance of said Contract;
<br />
<br />NOW, THEREFORE, we, the Principal, and Contractors Bonding and Insurance Company
<br />, as surety, are held and firmly bound unto
<br />CitYt Sa[1 ~ateo d C8uatyoo California, in the penal sum of
<br />wenty-rour Thousan an UU/l ---
<br />"-
<br />Dollars ($ $24,600 00 ). gwful money of
<br />the United States, being one hundred percent (100%) of the Contra.ct amount, for the
<br />payment of which sum well and truly to be made, we bind ourselves, our heirs,
<br />executors, administrators and successors, jointly and severally, firmly by these
<br />presents.
<br />
<br />THE CONDITION OF THIS OBLIGATION IS SUCH, that if the above bounden
<br />Principal, his or its heirs, executors, administrators, successors or assigns, shall ín all
<br />things stand to and abide by, and well and truly keep and faithfully perform the
<br />covenants, conditions, and agreements in the said Contract and any alteratÎons made
<br />as therein provided, on his of their part, to be kept and performed at the time and in the
<br />manner therein specified, and in all respects according to their true intent and meaníng.
<br />and shall indemnify and save harmless City, its Council, Commissioners. board$,
<br />committees, officers, employees and agents, as therein stipulated, then this oblìgation
<br />shall be null 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 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
<br />its heirs, executors, administrators, successors or assIgns shall fan to m~ke fUll,
<br />complete and satisfactory repair and replacements or totally protect the said City from
<br />loss or damage made evident during saìd period of one (1) year from the date of
<br />acceptance of said work, and resulting from or caused by defective materials or faulty
<br />workmanship, in the prosecution of the work done, the above obligation shall be and
<br />remain in full force 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,
<br />extension of time, alteration, or addition to the terms of the Contract or to the work to be
<br />performed thereunder or the Specifications accompanying the same shall in any wise
<br />affect its obligations on this bond; and it does hereby waìve notice of any such change,
<br />
<br />FAITHFUL PERFORMANCE BOND
<br />
<br />00201-1
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