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<br />Bond No. BB7508
<br />Premium: $9,052.00
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<br />SECTION 00610
<br />FAITHFUL PERFORMANCE BONO
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<br />KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood City("City"'.
<br />San Mateo County, State of California I has awarded to
<br />SpenCon Construction, Inc. , hereinafter designated as the
<br />"Principal", a Contract, the tenns and provisions of whjch Contract are incorporated herein by
<br />reference, for constructing the following project:
<br />
<br />200g.2010 TREE PRESERVATION AND SIDEWALK REPLACEMENT PROGRAM
<br />
<br />and
<br />
<br />WHEREAS, said Principal is required under the terms of said Contract to fumish a bond for the
<br />faithful performance of said Contract;
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<br />NOW, THEREFORE, we, the Principal. and Contractors Bondinq and Insurance Company , as
<br />surety, are held and firmly bound unto City, San Mateo County, California, in the penal sum of
<br />Seven Hundred Twelve Thousand Nine Hundred Twenty and 00/100 Dollars ($ 712,920.00 ), lawful money
<br />of 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. 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 an things stand to and abide
<br />by, and will truly keep and faithfulJy perform the covenants, condrtions, and agreements in the
<br />said Contract and any alterations made as therejn 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 shalt 'indemnify and save harmless City. its 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 />obHgation shan hold good for a per.od 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 caused by
<br />defective materials or faulty workmanship, in the prosecution of the work done, the above
<br />obligation shall be and remain fn furl 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
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<br />FAITHFUL PERFORMANCe BOND
<br />2009-2010 TREE PRESERVATION AND SIDEWALK REPLACEMENT PROJECT
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<br />00610-1
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