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<br />Bond #: BA 5956
<br />Premium: $1,235.00
<br />FAITHFUL PERFORMANCE BOND
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<br />KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood
<br />City("City"), San Mateo County, State of California, has awarded to COBALT POWER
<br />SYSTEMS INC., hereinafter designated as the "Principal", a Contract, the terms and
<br />provisions of which Contract are incorporated herein by reference, for constructing the
<br />following project:
<br />
<br />ENERGY EFFICIENCY IMPROVEMENTS
<br />SOLAR INSTAllATION PROJECT
<br />CITY OF REDWOOD CITY
<br />1306 MAIN STREET
<br />
<br />and
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<br />WHEREAS, said Principal is required under the terms of said Contract to furnish a bond
<br />for the faithful performance of said Contract;
<br />NOW, THEREFORE, we, the Principal, and Contractors Bonding and Insurance Company
<br />as surety, are held and firmJy bound unto City, San Mateo County, California, in the
<br />penal sum of Forty Two Thousand Eight Hundred & NinetYDollars
<br />($ 42,890.00 ), lawful money of the United States, being one hundred percent
<br />(1000/0) of the Contract amount, for the payment of which sum well and truly to be made,
<br />we bind ourselves, our heirs, executors, administrators and successors, jointly and
<br />severally, firmly by these presents..
<br />
<br />THE CONDITION OF THIS OBLIGATION IS SUCH, that if the above bounden Principal,
<br />his or its heirs, executors, administrators, successors or assigns, shall in all things stand
<br />to and abide by, and will truly keep and faithfully perform the covenants, conditions, and
<br />agreements in the said Contract and any alterations made as therein provided, on his or
<br />their part, to be kept and performed at the time and in the manner therein specified, and
<br />in all respects according to their true intent and meaning, and shall indemnify and save
<br />harmless City, its Council, Commissioners, boards, committees, officers, employees and
<br />agents, as therein stipulated, then this obligation shall be null and void; otherwise it shall
<br />be and remain in full force and virtue.
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<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
<br />acceptance of the said work, during which time if the above bounden Principal, his or its
<br />heirs, executors, administrators, successors or assigns shall fail to make full, complete
<br />and satisfactory repair and replacements or totally protect the said City from loss or
<br />damage made evident during said period of one (1) year from the date of acceptance of
<br />said work, and resulting from or caused by defective materials or faulty workmanship, in
<br />the prosecution of the work done, the above obligation shall be and remain in full force
<br />and virtue.
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<br />And the said Surety, for value received, hereby stipulates and agrees to waive the
<br />provisions of California Civil Code Section 2819 regarding consent to change, extension
<br />of time, alteration, or addition to the terms of the Contract or to the work to be performed
<br />thereunder, or the Specifications accompanying the same shall in any way affect its
<br />obligations on this bond; and it does hereby waive notice of any such change, extension
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