|
• •
<br /> ATTACHMENT F
<br /> FAITHFUL PERFORMANCE BOND
<br /> KNOW ALL PERSONS BY THESE PRESENTS, that RECOLOGY SAN MATEO COUNTY,
<br /> hereinafter called the PRINCIPAL, and
<br /> a corporation duly organized under the laws of the State of
<br /> having its principal place of business at
<br /> in the State of , and authorized to do business as an admitted surety
<br /> insurer in the State of California, regulated by the California Insurance Commissioner and with a
<br /> financial condition and record of service satisfactory to the CITY OF REDWOOD CITY,
<br /> hereinafter called the SURETY, are held and firmly bound to the CITY OF REDWOOD CITY, a
<br /> municipal corporation in the State of California, hereinafter called the OBLIGEE, in the sum of
<br /> one million four hundred and thirty one thousand one hundred and two Dollars ($1,431,102.00)
<br /> lawful money of the United States, for the payment of which, well and truly to be made, we bind
<br /> ourselves, our heirs, executors, administrators and successors, jointly and severally, firmly by
<br /> these presents.
<br /> THE CONDITION OF THIS OBLIGATION IS SUCH THAT:
<br /> WHEREAS, the PRINCIPAL has entered into a Contract with the OBLIGEE for Recyclable
<br /> Materials, Organic Materials and Solid Waste Collection Services ( "Contract ") and said
<br /> PRINCIPAL is required under the terms of said Contract to furnish a bond of faithful
<br /> performance of said Contract.
<br /> NOW, THEREFORE, if the PRINCIPAL shall well and truly perform and fulfill all of the
<br /> undertakings, covenants, terms and agreements of said Contract, and any modification thereto
<br /> made as therein provided, at the time and in the manner therein specified, then this obligation
<br /> shall become null and void, otherwise it shall be and remain in full force and virtue.
<br /> The SURETY, for value received, hereby agrees that no 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 incorporated therein shall impair or affect its obligations on this bond, and it
<br /> hereby waives notice of any such change, extension of time, alteration or addition to the terms
<br /> of the Contract or to the work or to the specifications.
<br /> PROVIDED, however, that the SURETY shall not be liable (1) as respects to any obligations
<br /> related to said Contract occurring after two (2) years from the date of this Bond, unless this
<br /> Bond is extended, or (2) with respect to PRINCIPAL'S obligation to procure a replacement
<br /> performance bond, as provided for in Section 13.03 of the Contract. This Bond may be
<br /> extended beyond , 2011 in the sole discretion of the SURETY by means of a
<br /> continuation certificate in form and substance satisfactory to OBLIGEE signed at least ninety
<br /> (90) days prior to , 2011.
<br /> In the event suit is brought upon this Bond by the OBLIGEE and the OBLIGEE is the prevailing
<br /> party, the SURETY shall pay, in addition to the sums set forth above, all costs incurred by the
<br /> OBLIGEE in such suit, including reasonable attorneys' fees to be fixed by the court.
<br /> Franchise Agreement for Collection Services with Recology San Mateo County Attachment F
<br /> City of Redwood City Faithful Performance Bond
<br /> Page 1 of 2
<br />
|