|
Exhibit "B"
<br />FORM OF FAITHFUL PERFORMANCE BOND
<br />WHEREAS: the City of Redwood City ("City"), County of San Mateo, State of California,
<br />and I (hereinafter designated as
<br />"Principal") have entered into an Improvement Agreement dated , 2021
<br />("Agreement"), the terms and conditions of which are incorporated herein by reference,
<br />whereby Principal agrees to install and complete certain designated public improvements
<br />for the following project:
<br />Stanford Health Care Douglas Avenue Electrical Utilities Undergrounding
<br />WHEREAS, said Principal is required under the terms of said Agreement to furnish a
<br />bond for the faithful performance of said Agreement;
<br />NOW, THEREFORE, we, the Principal, and
<br />organized and existing under the laws of the State of and authorized to
<br />execute bonds and undertaking as sole surety in the State of California ("Surety") are held
<br />and firmly bound unto the City of Redwood City, County of San Mateo, State of California,
<br />in the penal sum of Seven Hundred Thirteen Thousand Three Hundred Thirty Three and
<br />56/100 Dollars ($713,333.56) lawful money of the United States, for the payment of which
<br />sum well and truly to be made, we bind ourselves, our heirs, successors, executors and
<br />administrators, jointly and severally, firmly by these presents.
<br />This bond is executed and filed to comply with the provisions of Government Code
<br />Sections 66499 and 66499.1 and all amendments thereto.
<br />THE CONDITION OF THIS OBLIGATION IS SUCH that if the above bounden Principal,
<br />his or its heirs, executors, administrators, successors or assigns, will in all things stand to
<br />and abide by, and well and truly keep and faithfully perform the covenants, conditions and
<br />provisions in the said Agreement and any alteration thereof made as therein provided, on
<br />his or their part, to be kept and performed at the time and in the manner therein specified,
<br />and in all respects according to their true intent and meaning, and will indemnify and hold
<br />harmless City, its Council, Commissioners, boards, committees, officers, agents and
<br />employees, as therein stipulated, then this obligation will become null and void; otherwise
<br />it will be and remain in full force and effect.
<br />As a part of the obligation secured hereby and in addition to the face amount specified
<br />therefor, there will be included costs and reasonable expenses and fees, including
<br />reasonable attorney's fees, incurred by City in successfully enforcing such obligation, all
<br />to be taxed as costs and included in any judgment rendered.
<br />The Surety hereby stipulates and agrees that no change, extension of time, alteration or
<br />addition to the terms of the Agreement or to the work to be performed thereunder or the
<br />specifications accompanying the same will in anywise affect its obligations on this bond,
<br />REV: 01-12-2021 PR
<br />ATTY/AGR.2021 006/Stanford Medical (Page 17 of 22)
<br />
|