|
<br />05/11/2005 12:00
<br />
<br />15503758533
<br />
<br />CRAIN INSURANCE
<br />
<br />PAGE 09/12
<br />
<br />MAY-11-B6 FRI 11:~3 A.V+C.
<br />
<br />41S+359+3613
<br />
<br />p.et
<br />
<br />....
<br />,.
<br />
<br />BOND PREMIUM BASED ON FINAL CONTRACT AMOUNT
<br />BONDI! 295416
<br />PREMIUM $15,000.00-*
<br />SECTION 00610
<br />FAITHFUL PERFORMANCE BOND
<br />
<br />KNOW ALL MEN BY THESE PREseNTS: that, WHEREAS, me Ci~ Of Redwood City("City").
<br />San Mateo County, State of California. has awarded to
<br />STAR CONSTRUCTION, INC. , hereinafter designated as the
<br />IIPrincipal", 8 Contract, the terms snd provisions of which Contract are Incorporated herein by
<br />reference. for constructing the following project:
<br />
<br />FLEISHMAN PARK RENOVATION
<br />(McEvoy Street)
<br />
<br />and
<br />
<br />WHEREA9, Bald Principal is required under the terms of said Contract to furnish a bond for the
<br />faithful performance of said Contract;
<br />NOW, THEREFORE, we, the Principal, and U. S. SPECIALTY INSURANCE COMPANY, as
<br />surety, are held and firmly bound unto City, San Mateo County, California, in the panal 8urn of
<br />FIVE HUNDRED THOUSAND & 00/100-********* Dollars ($500,000. 00-***), lawful money
<br />of the United States, being one hundred percent (100%) of the Contract amoum, for the
<br />payment of which sum well and truly to be made, we bind ourselves, our heirs. executors,
<br />administrators and successors, JoIntly and severally, firmly by these presents.
<br />
<br />THE CONDITION OF THIS OBLIGATION IS SUCH, that if the above bounden Principal, his or
<br />Its heirs, executors, administrators, successors or assigns. shall in all things stand to and abide
<br />by, and will truly keep and faithfully perform tha 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 specified. and in all respects according to their
<br />true intent and meaning, and shall indemnify and save harmless City, ita 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 remain in full force and
<br />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 acceptance of
<br />\he 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 IOS8 or damage made evident during aaid
<br />period of one (1) year from the date of acceptance of said work, and resulting from or caused by
<br />defective materials or faulty workmanship, in the prosecution of the work done, the above
<br />obligation shall be and remain in full force and virtue.
<br />
<br />And the said surety, for value received, hereby stipulates and agrees to waive the provisions of
<br />California Civil Code Section 281 g regarding consent to change, extension of time, alteration. or
<br />additi.on t~ the terms of the Contract or to the work to be performed thereunder, or the
<br />Specifications accompanying the same shall in any way affect its obligations on this bond: and it
<br />does hereby waive notice of any such change, exten9ion of time, alteration or addition to the
<br />terms of the Contract, or to the work, or to th@ Specifications.
<br />
<br />In the event City, or its SUCoeS80fS or assigns, shall be the prevailing party in an action brought
<br />upot1 this bond, then, in addition to the penal sum hereinabove specified, we agree to pay to the
<br />FAITHFUL PERFORMANCE BOND 00610.1
<br />FLeISH~N PARK RENOVATION
<br />(McEvoy Street)
<br />
<br />
|