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ATTACHMENT F
<br />FAITHFUL PERFORMANCE BOND
<br />KNOW ALL PERSONS BY THESE PRESENTS, that RECOLOGY SAN MATEO COUNTY,
<br />hereinafter called the PRINCIPAL, and
<br />a corporation duly organized under the laws of the State of
<br />having its principal place of business at
<br />in the State of , and authorized to do business as an admitted surety
<br />insurer in the State of California, regulated by the California Insurance Commissioner and with a
<br />financial condition and record of service satisfactory to the City of Redwood City, hereinafter
<br />called the SURETY, are held and firmly bound to the City of Redwood City, a Wlir
<br />corporation in the State of California, hereinafter called the OBLIGEE, in the sum of One Million
<br />One Hundred Forty -Five Thousand, Eight Hundred Seven Dollars ($$1,145,807) lawful money
<br />of the United States, for the payment of which, well and truly to be made, we bind ourselves, our
<br />heirs, executors, administrators and successors, jointly and severally, firmly by these presents.
<br />THE CONDITION OF THIS OBLIGATION IS SUCH THAT:
<br />WHEREAS, the PRINCIPAL has entered into a Contract with the OBLIGEE for Recyclable
<br />Materials, Organic Materials, and Solid Waste Collection Services ("Contract") and said
<br />PRINCIPAL is required under the terms of said Contract to furnish a bond of faithful
<br />performance of said Contract.
<br />NOW, THEREFORE, if the PRINCIPAL shall well and truly perform and fulfill all of the
<br />undertakings, covenants, terms and agreements of said Contract, and any modification thereto
<br />made as therein provided, at the time and in the manner therein specified, then this obligation
<br />shall become null and void, otherwise it shall be and remain in full force and virtue.
<br />The SURETY, for value received, hereby agrees that no change, extension of time, alteration or
<br />addition to the terms of the Contract or to the work to be performed thereunder, or the
<br />specifications incorporated therein shall impair or affect its obligations on this bond, and it
<br />hereby waives notice of any such change, extension of time, alteration or addition to the terms
<br />of the Contract or to the work or to the specifications.
<br />PROVIDED, however, that the SURETY shall not be liable (1) as respects to any obligations
<br />related to said Contract occurring after two (2) years from the date of this Bond, unless this
<br />Bond is extended, or (2) with respect to PRINCIPAL'S obligation to procure a replacement
<br />performance bond, as provided for in Section 13.03 of the Contract. This Bond may be
<br />extended beyond , 20_ in the sole discretion of the SURETY by means of a
<br />continuation certificate in form and substance satisfactory to OBLIGEE signed at least ninety
<br />(90) days prior to 20_
<br />In the event suit is brought upon this Bond by the OBLIGEE and the OBLIGEE is the prevailing
<br />party, the SURETY shall pay, in addition to the sums set forth above, all costs incurred by the
<br />OBLIGEE in such suit, including reasonable attorneys' fees to be fixed by the court.
<br />Collection Services Franchise Agreement with Recology San Mateo County
<br />City of Redwood City
<br />REV: 03-16-18 MI
<br />ATTY/AGR.2018.054/Recology of San Mateo
<br />Attachment F
<br />Faithful Performance Bond
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