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Be NO. 6150465
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<br /> PREMIUM: $3,027.00
<br /> SECTION 00201
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<br /> FAITHFUL PERFORMANCE BOND
<br /> KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood
<br /> City("City"), San Mateo County, Slate of Califo~rnia, has awarded to
<br /> ~'P~R!~Tn P.N'P-TI',I!~WT'RP.. T'M~ , hereinafter designated as the
<br /> "Principal", a Contract, the terms and provisions of whichi Contract are incorporated
<br /> herein bY reference, for constructing the following Project: 2002-2003 Cost Shared
<br /> Sidewalk Repair Project; and
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<br /> WHEREAS, said Principal is required under the terms of saic~ Conlract to furnish a bond
<br /> for the faithful performance of said Contract;
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<br /> NOW, THEREFORE, we, the Principal, and FIRST NATIONAL INSURANCE GOM~ANY QF AMERICA
<br /> as su. rety, are held and,...fi.r_mlx.__b~_nd unto City, San Mate6 County, Califomiai' in the
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<br /> ~.,~ .-,~,,=,~-,.vv--- ), lawfu/money of ~ IJ~J{e~J'~'~'es, being one hundred Percent
<br /> (100%) of the Contract amount, for the payment of which sum well and truly to be made,
<br /> we bind ourselves, our heirs, executors, administrators arid successors, jointly and
<br /> severally, firmly by these presents.
<br /> THE CONDITION OF THIS OBLIGATION IS SUCH, th'at 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 will Iruly keep and faithfully perform the covenants.
<br /> conditions, and agreements in the said Contract and any alterations made as therein
<br /> provided, on his or their part, to be kept and performed at the time and in the manner
<br /> therein specified, and in all respects according to their true intent arid meaning, and
<br /> shall indemnify and save harmless City, its Council, :Commissioners, boards,
<br /> COmmittees, officers, employees and agents, as therein stipolated, then this obligation
<br /> shall be null and void; otherwise it shall 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 b6unden 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 pedod of one (1) year from~the dale 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 fome
<br /> and virtue.
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<br />And the said Surety, for value received, hereby stipulates and agrees lo waive lhe
<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 tol 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 il 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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<br />FAITHFUL PERFORMANCE BONO 00201-1
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