|
P · NO.: 103871349
<br /> - P~,~ium: $3,674.00
<br />
<br /> SECTION 00201
<br />
<br /> FAITHFUL PERFORMANCE BOND
<br />
<br />KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood
<br />City("City"), San Mateo County, State of California, has awarded to
<br /> O'Grady Pavinq, Inc. , hereinafter designated as
<br />the "Principal", a Contract, the terms and provisions of which Contract are incorporated
<br />herein by reference, for constructing the following project:
<br /> 2001-2002 Street Overlay Project
<br />AND, WHEREAS, said Principal is required under the terms of said Contract to furnish
<br />a bond for the faithful performance of said Contract;
<br />
<br />NOW, THEREFORE, we, the Principal, and Travelers Casualty and Surety
<br /> Company of America , as surety, are held and firmly bound unto
<br />City, San Mateo County, California, in the penal sum of
<br />Eight Hundred Sixty Four Thousand Five Hundred Seventy Nine and NO/100
<br />................................ Dollars ($ 864,579.00---j, lawful money uf
<br />the United States, being one hundred percent (100%) of the Contract 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 in 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 alterations made
<br /> as therein provided, on his or 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 meaning,
<br /> and 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 /> 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 fail to make full,
<br /> complete and satisfactory repair and replacements or totally protect the said 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 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 waive notice of any such change,
<br />
<br /> FAITHFUL PERFORMANCE BOND 00201-!
<br />
<br />
<br />
|