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<br />"Execut.ed In Duplicate
<br />
<br />Bond Number: 0482372
<br />Premium: $10,119.00
<br />
<br />SECTION 00610
<br />FAITHFUL PERFORMANCE BOND
<br />
<br />KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood City("City"),
<br />San Mateo County, State of California, has awarded to
<br />CEM Builders, Inc. dba Tucker Engineering, h~reinafter designated as the
<br />"Principalrr, a Contract, .the terms and provisions of which Contract are incorporated herein by
<br />reference, for constructing the following project:
<br />
<br />REDWOOD SHORES LEVEE IMPROVEMENT PROJECT
<br />
<br />and
<br />
<br />WHERi:AS,said Principal is required under the terms of said Contract to furnish a bond for the
<br />faithful performance of said Contract;
<br />
<br />International Fidelity
<br />
<br />. NOW, THEREFORE, we, the Principal, and Insurance Company I as
<br />sure~, are held and firmly- bound unto City, San Mateo County, California, in the penal sum of
<br />~t~tUH8~a~e~igr*t$~~iihBgrr~~s. and 35/100 Dollars ($661, 866.35-), lawful money
<br />of the United States, being one hundred percent (100%) of the Contract amount, for th~
<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 OBllGA lION IS SUCH, that if the above bounden Principal, his 0:-
<br />its heirs. executors, administrators, successors or assigns~ shall in all things stand to and abide
<br />by, and will truly keep 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 aU respects according to their
<br />true intent and meaning, and shall 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 />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 assign~ shan fail to make fun, complete and satisfactory repair
<br />and replacements or totally protect the said City from loss or damage made evident during said
<br />periodofo~e (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 mid 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 addition to the
<br />terms of the Contract, or to the work, or to the Specifications.
<br />
<br />FAITHFUL PERFORMANCE BOND
<br />
<br />00610.1
<br />
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