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-- Bond No. ~d021419
<br /> City of Redwood City/Belmont School District Pr..emium: $ 26,184.00
<br /> Sandpiper Park - Community Center ~,eneral Conditions and Bid Document
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<br /> SECTION 00201
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<br /> FAITHFUL PERFORMANCE BOND
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<br /> KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City/District, San Matec County, State of
<br /> California, has awarded to D.L. Fa'lk Construct±on Thc. , herei~fter
<br /> designated as the 'Prlncipal", a Contract, the terms and provisions of which Contract are incorporated
<br /> herein by reference, for cons~'ucting the following project:
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<br /> SANDPIPER PARK COMMUNITY CENTER
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<br /> and
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<br /> WHEREAS, said Principal is required under the terms of said Contract to furnish a bond for the faithful
<br /> performance of said Contract;
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<br /> Fidelity and Deposit
<br /> NOW, THEREFORE, we, the Principal, and ~omoanv of Maryland , as surety, are he/d
<br /> and firmly bound unto City/District, San Mated County, California, in the penal sum of Two Million Seven
<br />Hundred Twenty-Nine Thousand, Five Hundred~ollam (S 2 ~ 729 ~ 500-~. is~ul ~ney otthe
<br /> United States, being one hundred percent (100%) of the Contract amount, for the payment of which sum
<br />
<br /> and severally, firmly by these presents.
<br /> well and truly to be made, we bind ourselves, our heirs, exacutem, administrators and successors, jointly
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<br /> THE CONDITION OF THIS OBLIGATION IS SUCH, that if the above bounded Principal, his or its heirs,
<br /> executors, administrators, successom or assigns, s;3arJ in all things stand to and abide by, and will truly
<br /> keep and faithfully perform the covenants, conditions, and agreements in the said Contract am:l any
<br /> alterations made aa 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 acco~ing to their tr~e intent and meaning, and shall indemnify
<br /> and save harmless City/Disthct. its Its Board and its Councit, COmmissionem, boards, committees, offise~s.
<br /> employees and agents, as therein stipulated, then this obligation shall be null and void; otherwise it shall be
<br /> 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 obligatidn shall hold
<br /> good for a pe~od of one (1) year after the completion and acceptance of the said work, dudng which time if
<br /> the above bounded Principal, his or its heirs, executors, administrators, successors or assigns shalt fail to
<br /> make full, complete and satisfactory repair and replacements or totally protect the said City/District from
<br /> loss or damage made evident dudng said period of one (1) year from the date of acceptance of said work,
<br /> and resulting from or Caused by defective matadals or faulty workmanship, in the prosecution of the work
<br /> done, the above obligation shall be and remain in full force and virtue.
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<br /> And the said Surety, for value received, hereby stipulates and ag~es to waive the provisions of Cal~omfa
<br /> Civil Code Section 2819 regarding consent to change, extension of time, alterefion, or addition to the terms
<br /> of the Contract or to the work to be performed thereunder or the SpecifiCations
<br /> accompanying
<br /> the
<br /> shall in any way affect ~ obligations on this bond: and it does hereby waive notice of any such change,
<br /> same
<br /> extension of time, alteration or addition to the terms of the Contract. or to the work, or to the S~ec.~cations.
<br />
<br /> In the event City/District or its successors or assigns, shall be the prevailing party in an action brought
<br /> upon this bond, then, in addition to the penal sum hereinabove specified, we agree to pay to the said
<br /> City/District, or its successors or assigns, a reasonable sum on account of attorney's fees in such action,
<br /> which sum shall be fixed by the court.
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<br /> IN VV]TNESS THEREOF, fl~e above bounded parties have exec~ed this instrument "nder their semis this
<br /> day of. ,.Tune 24. [ 997 , the name and corporate seat of each corporate parE' being hereto affixed.
<br /> end these presents duly s~gned by its unitersigned representatNe, pureuamt to authority of its governing
<br /> body.
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<br /> FAITHFUL PERFORMANCE BOND 00201~1
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