|
<br />Bond Number: 104043146
<br />Bond Premium: $7,713.00
<br />
<br />SECTION 00610
<br />FAITHFUL PERFORMANCE BOND
<br />
<br />KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood City("City"),
<br />San Mateo County, State of California, has awarded to
<br />G. Bortolotto and Company, Inc. , hereinafter designated as the
<br />"Principal", a Contrac~ the terms and provisions of which Contract are incorporated herein by
<br />reference, for constructing the following project:
<br />
<br />2005.2006 STREET OVERLAY PROJECT
<br />(Whipple A.venue - Industrial Way. Alameda de las Pulgas)
<br />
<br />and
<br />
<br />Travelers Casualty and Surety Company of America
<br />NOW, THEREFORE, we, the Principal, and , as
<br />surety, are held and firmly bound unto City. San Mateo County, California, in the penal sum of
<br />Eight hundred eigh~ seven thousand, six hundred and five dollars, thirty nine cent5)ollars ($887,605.39~awful money
<br />of the United States, being one hundred percent (100%) of tna Contract amount, for the
<br />payment of which sum w011 and truly to be made, we bind ourselves, our heirs, executors,
<br />administrators and successors, jointly and severally, firmly by these presents.
<br />
<br />WHEREAS, said Principal is required under the terms of said Contract to fumish a bond for the
<br />faithful performance of said Contract;
<br />
<br />Tt1E 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 I<eep and faithfully 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 specified, and in all respects according to their
<br />true intent and meaning, and shall indemnify and save harmless City, its Council,
<br />Commissioners, boards, committees, offiCers. employees anCl 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 cOl1dition 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 r.aused by
<br />defective malerials or faulty workmanship, in the prosecution of the work done, the above
<br />obligation shall be arid 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 2819 regarding COnsent to 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 accompanying the same shall 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 addLtion to the
<br />terms of the Contract, or to the work, or to the Specifications.
<br />
<br />FAITHFUL PERFORMANCE BOND 00610-'
<br />2DOS-200El STReET OVI:RLAY PROJECT (Whlpflle Avenue -Industrial Way- Alal11eda de la'S PulgllS)
<br />
|