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<br />. BOND #: .57BCSE10036
<br />PREMIUM: $2,542.00
<br />
<br />SECTION 00610
<br />FAITHFUL PERFORMANCE BOND
<br />
<br />
<br />2006-2007 SEWER MAIN REPLACEMENT PROJECT
<br />
<br />and
<br />
<br />WHE~, sai~ Principal i~ required under the terms of said Contract to furnish a bond for the
<br />faithful Rerformatlce of saidlContraet;
<br />
<br />NOW. tHEREFDRE. we,l the Principal, and HARTFORD FIRE INSURANCE COMPANY; as
<br />surety, are held and finnly bound unto City, San MatliO County, California, in the penal sum of
<br />TWO H 1 Dollars ($ 248,000.00 ), lawful money
<br />of the niled tes, bei~~ one hundred percent (1000M of the Contract amount, for the
<br />paymen of whi sum wtljIl and truly to be made. we bind ourselves. our heirs, executors,
<br />administrators success9rs, joinUy and severally, firmly by these presents.
<br />
<br />THE CQNDITIO OF THISIOBLlGATlON IS SUCH. that if the above bounden Principal, his or
<br />its heirs J execut ,adminj~tors, successors or assigns, shall in all things stand to and abide
<br />by, an~dlt truly keep and r~ithfu"y perform the covenants, conditions, and agreements in the
<br />said C tract an any alte~ons made as therein provided, on his or their part, to be kept and
<br />perform d at the 'me and i~ the manner therein specified, and in all respects according to their
<br />true intfnt and meaningl and shall indemnify and save hannless City, its Council,
<br />CommiSfioners, oards, c~mmittees, officers, employees and agents. as therein stipulated.
<br />then thii obllgat" n shall bf: null and void; otherwise it shall be and remain in full force and
<br />virtue.
<br />
<br />As a nditJon recedent I to the satisfactory completion of the said Contract, the above
<br />obligatio shall d good fpr a period of one (1) year after the completion and acceptance of
<br />the said work. d ring Whi$'me if the above bounden Principal, his or its heirs, executors,
<br />adrnini tors, S ssors r assigns shaJl fail to make full, complete and satisfactory repair
<br />and repl cemen or totally teet the said City from loss or damage made evident during said
<br />period 0 one (1) r from e date of acceptance of said work. and resulting from or caused by
<br />d&f8' mater; 15 or faul~ workmanship, in the prosecution of the work done, the above
<br />oblig8ti~ shall be and rem.in in full force and virtue.
<br />
<br />And the id su~ty. for val~e received, hereby stipulates and agrees to waive the provisions of
<br />Califoml Civil C de Sectiory 2819 regarding consent to change, extension of time, alteration, or
<br />addition to the rms of tIj1e Contract or to the work to be performed thereunder, or the
<br />Speclti ons a;panyi~ the same shall In any way affect its Obligations on this bond; and it
<br />does he by wai notice qf any such change, extension of time, alteration or addition to the
<br />terms of e Con ct, or to tf18 work, or to the Specifications.
<br />
<br />FAITHFUL PERFOR CE BO~ 00610-1
<br />2006-2007 SEWER N REPLA~EMENT PROJECT
<br />
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