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,Bond No: 92929 9802 premium: $1'/~97°00
<br /> FAITHFUL PERFORMANCE BOND
<br /> KNOW ALL MEN BY THESE PRESENTS: that, WHEREAs, the City of Redwood
<br /> C~y~City")..San...l~t.eo iC~..ounty, State of Catifomie, has awarded to
<br /> ern States =ur;acing , hereinafter designated as the
<br /> · "Principal", a Contract, the terms and proViSions of which Contract are inco~orated
<br /> herein by reference, for constructing the following . project:
<br /> 2002-2003 Asohalt R,~be--r Chid Seal Project · ....... ~ , and
<br />
<br /> WHEREAS, said Principal is required under the terms of said Contract to fumish:a bond
<br /> fo~ the faithful pen~ormance of said Contract;
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<br /> NOW, THEREFORE, we, the Principal, and . Western surety Company ,
<br /> are held and firm bound unto Cify~.Sah*Mateo c.~.n..ty, C. alifo.mia.,io~the.~ -...
<br /> as surety, cA.~_IYu.,.,,,~ Id;n~tv >inth Thousano Nine Hulloreo ~r~,~J-OUr UOlla~s ano
<br /> DeRal sum , . 5ixzv
<br /> i$~, lawful money of the United States,' betng one hundred [percem . -
<br /> (
<br /> (100%) of the Contract amot~t, for the payment of which sum well and truly to be made,
<br /> we bind ourselves, our heirs, executors, administrators and successors, joi0tly and
<br /> severally, firmly by these p?esents.
<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 perferm 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 thei[ 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 o1~ ligation
<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 /> ol31igafion shall hold good for a .Period of one (1).year after the complet!on and
<br /> acceptailce of the said work, during which time if the above bounden Principal, bis 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 dudng 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 workrnaRship, in
<br /> the prosecution of the work done, the.above obligation shall be and remain in full force
<br /> and virtue. ·
<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, e~tension
<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 a~fect its
<br /> obligations on this bond; and it does hereby wane notice of any such change, e~tension
<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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