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$11,743.00 PRI~Illl. I IS FOR CONTRACT TFII, I .MiD IS SIIIIJECT
<br /> TO ADJUS'I'NENT BASED ON FIliAL COIfl'RACT PRICE
<br />
<br /> Bond No. 135529
<br /> SECTION 0020'1
<br />
<br /> FAITHFUL PERFORMANCE BOND
<br />
<br /> KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood
<br /> City("City"), San Mateo County, State of California, has awarded to
<br /> Consortium Consolidate Cor~ , hereinafter designated as the
<br /> "Principal", a Contract, the terms and provisions of which Contract are incorporated
<br /> herein by reference, for constructing the following project:
<br /> 2001-2002 Tree Preservation and Sidewalk Repair Program
<br /> and
<br />
<br /> WHEREAS, said Principal is required under the terms of said Contract to furnish a bond
<br /> for the faithful performance of said Contract;
<br />
<br /> NOW, THEREFORE, we, the Principal, and Amerlcan Contractors Indemait¥ C ,ompany
<br /> as surety, are held and firmly bound unto City, San Mateo County, California, in the
<br /> penal sum of *SEE #1 BELOI~'** Dollars
<br /> ($ 537,143.00-* ), lawful money of the United States, being one hundred percent
<br /> (100%) 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 will truly keep and faithfully perform the covenants,
<br /> conditions, and agreements in the said Contract and any alterations made as 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 thei~ true intent and meaning, and
<br /> shall indemnify and save harmless City, its Council, Commissioners, boards,
<br /> committees, officers, employees and agents, as therein stipulated, then this obligation
<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 its
<br /> heirs, executors, administrators, successors or assigns shall fail to make full, complete
<br /> and satisfactory repair and replacements or totally protect the said City from loss or
<br /> damage made evident dudng said period 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 to the work to be performed
<br /> thereunder or the Specifications accompanying the same shall in any way 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 />*#1 - FIVE BUNDRF_J) TItlRTY SliVEN TItOUSAND ONE ItUNI)RED FORTY 'l'tlltlgl! AND NO/100**
<br />
<br /> FAITHFUL PERFORMANCE BOND 00201-1
<br />
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