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<br />SECTION UO2O1
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<br />BOND NO.#1363984
<br />PREMIUM: $779.00
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<br />FAITHFUL PERFORMANCE BOND
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<br />KNOW ALL MEN BY THE~I::. PRESENTS; that, WHEREAS, the City of Redwood City
<br />("City"), San Mateo County, State of California, has awarded to
<br />ROYAL SEAL ASPHALT MAINTENANCE CO., INC. I hereinafter dAKignated as
<br />the "Principal" a Cnntract. the terms and provisions of which Contract are incorporated
<br />herein by reference, for constructing the following project:
<br />
<br />SPEED HUMP INSTALLATION 1998-99
<br />
<br />and
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<br />WHEREAS, said Principal is required under the terms uf ~aid Contruct to tumí$h a hnnd
<br />for the faithful p~rformance of said Contract
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<br />NOW, THEREFORe, we, the Principal. and FAR WEST INSURANCE COMPANY
<br />-I as surety. are held and firmly bounu unto
<br />City, San Mateo County, Califnmia, in the penal sum of
<br />I~ R THOUSAND ONE HUNDRED FIFTY Dollars ($ 31,150 ),
<br />la I money ot the United Slates, being one hundred pe~.ent (100%) of the Contract
<br />amount, tor the payment of w11ich sum well and truly to be made, we bind ourselves,
<br />our heirs, executors, administrators (ind successors, jointly and severally, finnly by
<br />thp:se presents.
<br />
<br />THE CONDITION OF THIS OBLIGATION IS SUCH, that if the above bounden
<br />Principal, his or its heirs, executors, administrators, successors Dr assigna, shalt in all
<br />things stand to and abide by. and will trulY keep and faithfully perform the covenants,
<br />conditions, and agreements in the said Contract and any alterations made 85 therein
<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 änd $ðVe hÐrmless City, ita Council, Commissioners, boards,
<br />committees, officers. employees and agents. as therein stipulated, then this obligation
<br />shall be null and vOid; otherwise il 5hall be end remain in full fo1Y'.A and virtue.
<br />
<br />As a condition precedent to the satlsfat,1ury wmpletion of the said Contract. the above
<br />oblioation shall hold good for a period of one (1) year after the completion and
<br />acceptance of the said work, during whicn time If the äbove bounden Principal, his or
<br />its høirs, execlitors, administrators, successors or assigns shall fail to make full,
<br />complete and satisfactory repair and replacements or totally protet;l lhe $aid City from
<br />loss or damage made evident during said period of one (1) year from the date of
<br />acceptance of said work, and resulting from or caused by defectIVe materlal:Þ ur faulty
<br />workmanship. in tho prO$8cution of the work done, the above obligation shall be and
<br />remain in full force and virtue.
<br />I
<br />And the said Surety, for value received. hereby stipulates and agrees to waive the
<br />provisions Of California Civil Code Soction 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 5pecifi~lions accompanying the same Khall in any way
<br />
<br />FAITHFUL PERFU,",.MANCE BOND
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<br />00201-1
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