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BOM NUMBER: U2750124
<br /> PRE~UM: $3,429.00
<br />
<br /> February 10, 1993
<br />
<br /> FAITHFUL PERFORMANCE BOND
<br />
<br /> KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of
<br />Redwood City ("City"), San Mateo County, State of California, has
<br />awarded to Richard A. Heaps Electrical Contractor, Inc.
<br />hereinafter designated as the "Principal", a Contract, the terms
<br />and provisions of which Contract are incorporated herein by
<br />reference, for constructing the following project: DOWNT0~ STREET
<br /> LIGHTING PRO3ECT , and
<br />
<br /> WHEREAS, said Principal is required under the terms of said
<br />Contract to furnish a bond for the faithful performance of said
<br />Contract;
<br />
<br /> NOW, THEREFORE, we, the Principal, and United Pacific Insurance
<br />Company , as
<br />surety, are held and firmly bound unto City, San Mateo County,
<br />California, in the penal sum of FOUR HUNDRED FORTY FIVE THOUSAND SIX HUNDRED
<br />EIGHTY ONE AND .00/10O ....................... -Dollars ($ 445,681.00 ..... ),
<br />lawful money of the United States, being one hundred percent
<br />(100%) of the Contract amount, for the payment of which sum 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, adm%nistrators,
<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, boards, 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 shwll be and remain in full
<br />force and virtue.
<br />
<br />
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