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BC - 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 Calif~nia, has awarded to
<br /> ~1)n~'.f'n '~TR~..RTR~. T~/(~, , hereinafter designated as the
<br /> 'PrinciPal", a Conlract, th-e lerms and provisions of whichj Contract are incorporated
<br /> herein by reference, for constructing the following project: 2002-2003 Cost Shared
<br /> Sidewalk Repair Project; and
<br /> WHEREAS, said Principal is required under the terms of saic~ Conlract to furnish a bond
<br /> for the faithful performance of said Contract;
<br /> ,
<br /> we... th.e P. Hnc~p~, and FIRST NATIO ,N~_ INSU~A~E
<br /> --.al sa- Uatoo Coun ,
<br />
<br /> -). hundred
<br /> (100%) of the contract amount, for the payment of which surfl well and (ru~y to be made,
<br /> we bind ourselves, our heirs, executors, administrators aad successors, jointly and
<br /> severally, firmly by these presents.
<br /> THE CONDITION OF THIS OBLIGATION IS SUCH, thJat if the above bounden
<br /> Prindpal, his or its heirs, executors, administrators, successors or assigns, shall in ail
<br /> things stand to and abide by, and will truly keep and faithfdlly 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 ~he time and ia the manner
<br /> therein specified, and in all respects according to their true intent add meaning, and
<br /> shall indemnify and save harmless City, its Coundl, i comrntssiorters, boards,
<br /> committees, officers, employees and agents, as therein stipLflated, 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 saUsfactony completion of the said Contract, the above
<br /> obligation shall hold 9cod for a period of one (1) year after the completion and
<br /> acceptance of the said work, during which time if the above b~)unden Principal, his or it~
<br /> heirs, executors, administrators, successors or assigns shall ~ail to make full, complete
<br /> and satisfactory repair and replacements or totally protect the said City from loss or
<br /> damage made evide~tt during said period of one (1) year from~the date of acceptance of
<br /> said vw~rk, and resulting from or caused by defective materiats or faulty workmanship, in
<br /> th~ prosecution of the work done, the above obligation shall be and remain in full force
<br /> and vktue.
<br />
<br />And the said Surety, for value received, hereby stipulates and agrees (0 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 accempan¥ing the same shall in any way affect its
<br />obligations on this bond; and it does hereby waive n0Uce 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 BOND
<br /> 002Q1-1
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