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-- -oOND# 0650-17-045061
<br /> Premium: $12,924.00
<br />
<br /> Febrrary 10, 1993
<br />
<br /> FAITHFUL pERFORMANCE BOND
<br />
<br /> KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of
<br /> Redwood City ("City"), San Mateo County, State of California, has
<br /> awarded to Interstate Grading & Pavin~,Inc. .,
<br />hereinafter'~signated as the "Principal", a Contract, th~ ter~s
<br />and provisions of which Contract are incorporated herein by
<br />reference, forconstructing the following project: J~me~ Ave~e
<br />Reconstruction Pro.leer (from Hudson Street to, and
<br /> E1 Camino Real)
<br /> WHEREAS, said Principal is required under the terms of said
<br />Contract to furnish a bond for the faithful performance of said
<br />Contract;
<br />
<br /> NOW, THEREFORE, we, the Principal, and
<br /> Employers Insurance of Wausau ~ Mg~ual. Company . , , as
<br /> surety, are held and ~irmly bound unto C~ty, 'San Mateo County,
<br /> California, in %he penal sum of 9ne Mill~on~,Six Hundred Nineteen
<br />Thousand~Seven Hundred & no/100 ............ Dollars ($~619~700.00 ),
<br /> lawful money of the United States, being one hundred percent
<br /> (10~%} of the Contract amount, for the payment of which s=m well
<br /> and truly to be made, we bind ourselves, our heirs, executors,
<br /> administrators and successors, jointly and severally, firmly by
<br /> these presents.
<br />
<br /> THE CONDITION OF THIS OBLIGATION IS SUCH, that if the above
<br /> bounden Principal, his or its heirs, executors, a~ministrators,
<br /> successors or assigns, shall in all things stand to and abide by,
<br /> and well and truly keep and faithfully perform the covenants,
<br /> conditions, and agreements in the said Contract and any
<br /> alterations made as therein provided, on his or their part, to be
<br /> kept and performed at the time and in the manner therein
<br /> specified, and in all respects according to their true intent and
<br /> meaning, and shall indemnify and save harmless City, its Council,
<br /> Commissioners, boar~s, committees, officers, employees and
<br /> agents, as therein stipulated, then this obligation shall be null
<br /> and void; otherwise it shall be and remain in full force and
<br /> virtue.
<br />
<br /> As a condition precedent to the satisfactory completion of
<br /> the said Contract, the above obligation shall hold good for a
<br /> period of one (1) year after the completion and acceptance of the
<br /> said work, during which time if the above bounden Principal, his
<br /> or its heirs, executors, administrators, successors or assigns
<br /> shall fail to make full, complete and satisfactory repair and
<br /> replacements or totally protect the said City from loss or damage
<br /> made evident during said period of one (1) year from the date of
<br /> acceptance of said work, and resulting from or caused by
<br /> defective materials or faulty workmanship, in the prosecution of
<br /> the work done, the above obligation shall be and remain in full
<br /> force an~ virtue.
<br />
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