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DUPLICATE EXECUTION BOND NO. 6730643
<br /> PREMIUM $6,048.00
<br /> SECTION 00610
<br /> FAITHFUL PERFORMANCE BOND
<br /> KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood City ( "City"),
<br /> San Mateo County, State of California, has awarded to SOUTHWEST PIPELINE AND TRENCHLESS COF P.
<br /> hereinafter designated as the "Principal ", a Contract, the terms and provisions of which Contract
<br /> are incorporated herein by reference, for constructing the following project:
<br /> 2010 - 2011 SEWER REHABILITATION PROJECT
<br /> and
<br /> WHEREAS, said required al is uired under the terms of said Contract to fumish a bond for the
<br /> Principal 4
<br /> faithful performance of said Contract;
<br /> SAFECO INSURANCE
<br /> NOW, THEREFORE, we, the Principal, and COMPANY OF AMERICA , as surety, are held
<br /> and firmly bound unto City, San Mateo County, California, in the penal sum of
<br /> FIVE HUNDRED THIRTY SEVEN THOUSAND TWO HUNDRED SEVENTY FIVE AND 00/100
<br /> ($ 537,275.00 ), 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 to be made, we
<br /> bind ourselves, our heirs, executors, administrators and successors, jointly and severally, firmly
<br /> by these presents.
<br /> THE CONDITION OF THIS OBLIGATION IS SUCH, that if the above bounden Principal, his or
<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 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 null and void; otherwise it shall be and remain in full force and
<br /> virtue.
<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 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 done, the above
<br /> obligation shall be and remain in full force and virtue.
<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 /> FAITHFUL PERFORMANCE BOND 00610 -1
<br /> 2010 -2011 SEWER REHABILITATION PROJECT
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