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Bond # 929250238
<br /> Premium: $869
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<br /> FAITHFUL PERFORMANCE BOND
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<br />KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood
<br />City("City") San Mateo County, State of California, has awarded to
<br />Granite Rock Company, d.b.a. Pavex Constructio. rhere naffer des gnated as the
<br />"Principal", a Contract, the terms and provisions of which Contract are incorporated
<br />herein by reference, for constructing the following project:
<br />2001-2002 Bike Path Improvement Project , and
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<br />WHEREAS, said Principal is required under the terms of said Contract to furnish a bond
<br />for the faithful performance of said Contract; *Division ·
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<br />NOW, THEREFORE, we, the Principal, and National Fire Insurance Company of, Hartford
<br />as surety, are held and firmly bound unto City, San Mateo County, California, in the
<br />penal sum Of Thre~e Hundred Twenty-One Thousand.~ Seven** Dollars
<br />($.*'321,753.00'~, lawful money Of the United States, being one hundred percent
<br />(100%) of the Contract amount, for the payment of which sum well and truly to be made,
<br />we bind ourselves, our heirs, executors, administrators and s..uqqessors, |ointly and
<br />severally, firmly bythese presents. **Hundred Fifty-Three uo±£ars NOfl00---
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<br />THE CONDITION OF THIS OBLIGATION IS SUCH, that if the above bounden Principal,
<br />his or its heirs, executors, administrators, successors or assigns, shell in all things stand
<br />to and abide by, 'and well and t~ly keep and faithfully perform the covenants, conditions,
<br />and agreements in the said Contract and any alterations made as therein provided, orr
<br />his or their part, to be kept and performed at the time and in the manner therein
<br />specified, and in all respects according to their true intent and meaning, and shall
<br />indemnify and save harmless City, its Council, Commissioners, boards, committees,
<br />officers, employees and agents, as therein stipulated, then this. obligation shall be null
<br />and void; otherwise it shall be and remain in full force and 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
<br /> acceptance of the said work, during which time if the above bounden Principal, his or. its
<br /> heirs, executors, administrators, successors or assigns shall fail to make full, complete
<br /> and satisfactory repair and replacements or totally protect the said City from loss or
<br /> damage made evident during said.period of one (1) year from the date of acceptance of
<br /> said work, and resulting from or caused by defective materials or faulty workmanship, in
<br /> the prosecution of the work done. the above obligation shall be and remain in full force
<br /> and virtue.
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<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, extension
<br /> of time, alteratlon, or addition to the terms of the Contract or to the work to be pedormed
<br /> thereunder or the Specifications accompanying the same shall in any wise affect its'
<br /> obligations on this bond; and it does hereby waive notice of any such change, extension
<br /> of time, alteration or addition to the terms of the Contract, or to the work, or to the
<br /> Specifications.
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