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<br />If'
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<br />FAITHFUL PERFORMANCE BOND
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<br />Bond II 929487281
<br />Premium: $1,084.00
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<br />KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood CityeCityll)1
<br />San Mateo County, State of California, has awarded to
<br />Granite Rock Company, d. b. a. Pavex Construc-~ hereinafter designated as the
<br />"Principalu. a Contract, the terms and provisions of which Contract are incorporated herein by
<br />reference) for constructing the following project *tion Division
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<br />SAN CARLOS AIRPORT LEVEE IMPROVEMENT PROJECT
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<br />and
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<br />WHEREAS. said Principal is required under the terms of said Contract to furnish a bond for the
<br />faithful performance of said Contract;
<br />NOW, THEREFORE, we, the Principal, and Continental Casualty Company ,as
<br />surety, are held and firmly bound unto City, San Mateo County. California, in the penal sum of
<br />Four Hundred One Thousand, Six* Dollars ($ 401,649.00 ), 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. Hundred Forty-Nlne NO/lOa
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<br />THE CONDITION OF THIS OBLIGATION IS SUCHa that if the above bounden Principal, his or
<br />its heirs, executors, ad ministrators I successors or assigns, shall in all things stand to and abide
<br />by, and will truly keep and faithfuHy 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 all 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 nulJ and void; otherwise it shalf be and remain in fun force and
<br />virtue.
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<br />As a condition precedent to the satisfactory completion of the said Contract. the above
<br />obligation shan 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 />administrators1 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 doner the above
<br />obligation shall be and remain in full force and virtue.
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<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.
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<br />In the event City. or its successors or assigns, shall be the prevailing party in an action brought
<br />upon this bond, then, in addition to the penal sum hereinabove specified. we agree to pay to the
<br />said City, or its successors or assignst a reasonable sum on account of attorney's fees in such
<br />action! which sum shall be fixed by the court.
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<br />FAITHFUL PERFORMANCE BOND
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<br />00610~1
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