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<br />F~THFULPERFORMANCEBOND
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<br />Bond # 929364125
<br />Premium: $203.00
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<br />KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood CltyC'City"),
<br />San. Mateo County State of Califomia, has awarded to
<br />gi;i~ï~lIRock Company, d..b.a. Pav~ .Construct~onhereinafter designated as the
<br />"Principal'. a Contract, the terms and provISions of which Contract are incorporated herein by
<br />reference, for constructing the following project:
<br />
<br />REDWOOD SHORES LAGOON RIP-RAP REHABILITATION PROJECT
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<br />and
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<br />WHEREAS, said Principal i5 required under the terms of said Contract to furnish a bond for the
<br />faithful pelÍormance of said Contract;
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<br />NOW, THEREFORE. we. the Principal, and_Continental Casualty Company, Ç!$
<br />surefvtarp held aqd firmlvdbound unto City~ San Mateo County, California, in the penal sum of
<br />S-evè'rt y~ive 'Tflousarl< , one llunáre'O. Th1.rty I ($
<br />:Qgllars NO'lgg Dolars 75,130.00 ), lawful money
<br />of the United States, being one hundred percent (100%) of the Contract amount, for the
<br />payment of which sum well and tnJly to be made, we bind ourselves, our heirs. executors.
<br />administrators and successors, jointly and severally, firmly by these presents.
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<br />THE CONDITION OF THIS OBUGATION IS SUCH, that if the above bounden Principal. his or
<br />its heirs, executors, administratol'$, successors or assigns. shall in all things stand to and abide
<br />by. and will truly keep and faithfu1ly perform the covenants, conditions, and agreements in the
<br />said Contract and any alterations made as therein provided, on his or their part. to be kept and
<br />performed at the time and in the manner therein stJecified. and in all respects aGCOf'ding to their
<br />true intent and meaning, and shal1 indemnify and save harmless City, its Council,
<br />Commissioners, boards, committees, officers, employees and agents, as therein stipulated.
<br />then this obligation shall be null and void; otherwise it shall be and r~main in full force and
<br />virtue.
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<br />As a condition precedent to the satisfactory completion of the said Contract. the above
<br />obligation shall hold good for a period of one (1) year after the completion and acceptance of
<br />the said work, during which time if the above bounden Principal. his or its heirs, executors,
<br />administrators, successors or assigns shall fail to make full, complete and satisfactory repair
<br />and replacements or totally protect the said City from loss or damage made evident during said
<br />period of one (1) year from the date of acceptance of said work, and resulting from or caused by
<br />defective materia¡s or faulty workmanship, in the prosecution of the work done, the above
<br />obligation shall be and remain in full force and virtue.
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<br />And the said Surety, for value received, hereby stitJulates and agrees to waive the provision$ of
<br />California Civil Code Section 2819 regarding consent to change, extension of time, alteration, or
<br />addition to the terms of the Contract or to the work to b@ performed thereunder, or the
<br />Specifications accompanying the same shalt in any way affect its obligations on this bond; and it
<br />does hereby waive notice of any such change, extension of time, alteration or addition to the
<br />terms of the Contract, or to the work, or to the Specifications.
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<br />In the event City, or its successors or assigns, shaH be the prevailing party in an action brought
<br />upon this bond, then, in addition to the penal sum hereinabove specified. we agree to pay to the
<br />said City, or its 5uCC9ssorS or assigns, a reasonable sum on account of attorney's fees in such
<br />action, which sum shall be fixed by the court.
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<br />FAITHFUL PERFORMANCE BOND
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<br />00610.1
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