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<br />BOND#: 57BCSFR1782
<br />PREMIUM: $5,310.00
<br />
<br />FA'THFUL PERFORMANCE BOND
<br />
<br />KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood City ('ICitY')J
<br />San Mateo County. State of Californial has awarded to K.J. WOODS CONSTRUCTION, INC. ,
<br />hereinafter designated as the "Principal1l1 a Contract, the terms and provisions of which Contract
<br />are incorporated herein by reference, for constructing the following project:
<br />
<br />WATER AND SEWER REPLACEMENT PROJECT
<br />HILLCREST DRIVE, CIRCLE ROAD AND HOPKINS AVENUE
<br />
<br />and
<br />
<br />WHEREAS. said Principal Is required under the terms of ~aid Contract to fumish a bond for the
<br />faithfuf performance of said Contract;
<br />
<br />NOW, THEREFORE, we. the Principat and HARTFORD FIRE INSURANCE COMPANY as surety I are held
<br />and firmly bound unto City. San Mateo County. California, in the penal sum of
<br />FIVE HUNDRED EIGHTEEN THOUSAND AND 00/100 DOLLARS.
<br />($ $518,000.00 )1 lawful money of the United States, being one hundred percent.
<br />(100%) of the Contract amount. for the payment of which sum well and truly 10 be mades we
<br />bind ourselves, our heirs~ executors, administrators and successors, ioint!yand severally, firmly
<br />by these presents.
<br />
<br />THE CONDITION OF THIS OBLIGATION IS SUCH. that if the above bounden Principal, his or
<br />ite heirs, executors, admtnistrators, suoce5~ors or 93signsr shell in all things stand to and abide
<br />by T 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 hjs 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 intont and meening, and shall indemnify and save harmless Oity, 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 B condition precedent to the satisfactory completion of the said Contract, the abo.ve
<br />obUgation shalf 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, executorss
<br />administrators, successors or assigns shaU faU to make fuJl. 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 workmanshipl in 1he prosecution of the work done, the above
<br />obligation shall be and 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 timet aJteration, or
<br />addftion to the terms of the Contract or to the work to be performed thereunder, or the
<br />Specifications accompanyine the same shall in i::UlY way iiffect Its obl1gations 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 />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 />
<br />WATER AND SEWER REPLACEMENT PROJECT
<br />HILLCREST DRIVE, CIRCLE
<br />
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