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Bond No. 400SV4942
<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 Mated County, State of California, has awarded to
<br />Geico Services, Inc. , hereinafter designated as the
<br />"Principal", a Contract, the terms and provisions of which Contract are incorporated
<br />herein by reference, for constructing the following project:
<br /> Agreement-2002-2003 Sewer Main Re~)lacement , and
<br />
<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 />
<br />NOW, THEREFORE, we, the Principal, and St. Paul Fire and Marine Insurance ,Company
<br />as surety, are he~d and..[irmJy i:~ouD~,~}t~q~C~ttY.~a,n~ak~t~Calif°rnia, in the
<br />penal sum o f ~J-zx~.~~%,-~'~,',~',~¢ Dollars
<br />($558~861.55~,¢..,'~...'), lawful money of the United States, being one hundred percent
<br />(100%) of the Contract amount, for the payment of which sum welt and truty to be made,
<br />we bind ourselves, our heirs, executors, administrators and successors, jointly and
<br />severally, firmly by these presents.
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<br /> THE CONDITION OF THIS OBLIGATION IS SUCH, that if the above bounden
<br /> Principal, his or its heirs, executors, administrators, successors or assigns, shall in all
<br /> things stand to and abide by, and well and truly keep and faithfully perform the
<br /> covenants, conditions, and agreements in the said Contract and any alterations made
<br /> as therein provided, on his or their part, to be kept and performed at the time and in the
<br /> manner therein specified, and in all respects according to their true intent and meaning,
<br /> and shall indemnify and save harmless City, its Council, Commissioners, boards,
<br /> committees, officers, employees and agents, as therein stipulated, then this obligation
<br /> shall be null and void; otherwise it shall be and remain in full force and 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 affer 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 wise affect its
<br /> obligations on this bond; and it does hereby waive notice of any such change, extension
<br /> of time, alteration or addition to the terms of the Contract, or to the work, or to the
<br /> Specifications.
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