Ord00 2192 - Laserfiche WebLink

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C/V.4Surety 'tl PERFORMANCE BOND Bond No. 929124406 KNOW ALL MEN BY THESE PRESENTS: That we, BFI Waste Systems of North America, Inc. 225 Shoreway Road San Carlos CA 94070 as ]h~cipal, and the National Fire Insurance Company of Hartford , a corporation, as Surety, subject to the Conditions, Limitations and Exclusions of this Performance Bond, are fi_rmly bound unto Ci__ty 9f Re.d_w. ood City P.O. Box 391 r~eawooo ~ay CA 94064 ~, hereinafter referred to as the Obligee, for such monetary amount as incurred by the Obligee, not to exceed the penal sum of One Hundred Thousand Dollars ($ !00,000.00 ), as may be required to remedy any contractual default by the Principal in the performance of that certain written contract between Principal and Obligee dated for Green Waste Collection, Processing & Marketing hereinafter referred to as the Contract; for the payment hereof, we bind ourselves, our heirs, executors, administrators and successors, jointly and severally. CONDITIONS The obligation of this Performance Bond shall be null and void unless: (1) the above Contract is in writing,and has been fully executed by both the Principal and the Obligee; (2) the Principal is actually in default under the above Contract, and is declared by the Obligee thereafter to be in default; (3) the Obligee has performed all of the obligations of the Obligee under the above Contract; and (4) the Obligee has provided written notice of the default to the Surety as promptly as possible, and in any event, within ten (10) days after such default. LIMITATIONS AND EXCLUSIONS The Surety, as the sole election and discretion of the Surety, may take any of the following actions: (1) With notice to the Obligee, provide financial assistance to the Principal to remedy any contractual default by the Principal; or, (2) Undertake the completion of the above Contract by the Surety, through its agents or through independent conh'actors; or, (3) Determine the amount for which the Surety may be liable to the Obligee, ['~ ~ ~ ~ .'!~!i ii !i Obligee;andass°°nas a practicable thereafter, tenderpaymentthereoftotheor, ~! ~~!]!! (4) Pay the full mount of the above penal sum in complete discharge and exoneration of this Performance Bond, and Of all liabilities of the Surety relating thereto. ' -~ITYCLERK ~ : If the Surety so elects to act, all payments and expenditures by the Surety shall be applied against the above penal sum and in reduction of the limit of liability of the Surety.