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"' � Performance Period Bond No.: 024040821
<br /> is 09/O1/11 to 08/31/12 Premium: $2,882.00
<br /> FAITHFUL PERFORMANCE BOND
<br /> KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood City ("City'�,
<br /> San Mateo Count�, State of Califomia, has awarded to,
<br /> valleycrest Landscape aintenance, Inc. hefeinefte� d@Slgnated aS the
<br /> "Principal", a Contract, the terms and provisions of which Contract are incorporated herein by
<br /> reference, for constructing the foliowing project:
<br /> REDWOOD CITY RECYCLED WATER PROJECT — PHASE 1
<br /> REDWOOD SHORES CUSTOMER SITE RETROFITS - BID PACKAGE 5
<br /> and
<br /> WHEREAS, said Principal is required under the terms of said Contract to fumish a bond for the
<br /> faithful perfortnance of said Contract;
<br /> NOW� THEREFORE, We, the P�iflClpel, e(1d Safeco Insurance Company of America aS
<br /> surety, are held and firtnly bound uMo City, San Mateo County, Califomia, in the penal sum of
<br /> Three Hundred Forty Nine Thousand * Dollars ($ 349, 375.52 )� �BWfU� money of
<br /> the United States, being one hundred parcent (100%) of the CoMract amount, for the payment
<br /> of which sum well and truly to be made, we bind ourselves, our heirs, executors, administrators
<br /> and successors, joinUy and severally, firmly by these presents.
<br /> *Three Hundred Seventy Five and 52/100
<br /> THE CONDITION OF THIS OBLIGATION IS.SUCH, that ff the above bounden PrinGpal, his or
<br /> its heirs, executors, administrators, successors or assigns, shall in all things stand to and abide
<br /> by, and will truly keep and faithfully perform the covenants, conditions, and agreements in the
<br /> said Contract and any alterations made as therein provided, on his or their part, to be kept and
<br /> pertortned at the tlme and in the manner therein specified, and in all respeds according to their
<br /> true intent and meaning, and shall indemnify and save hartnless City, its Councfl,
<br /> Commissioners, boards, committees, officers, employees and agents, as therein stipulated,
<br /> then this obligation shall be null and void; otherwise it shall be and remafn in tuil force and
<br /> virtue.
<br /> As a conditfon precedent to the satlsfactory completion of the said Corrtract, the above
<br /> obiigation shall hold good for a period of one (1) year after the completion and acceptance of
<br /> the safd worlc, during which time if the above bounden Principal, his or its heirs, executors,
<br /> adminisVators, successors or assigns shall fail to make full, complete and satisfactory repair
<br /> and replacements or totally protect the sa(d City from loss or damage made evident during said
<br /> period of one (1) year from the date of acceptance of said work, and resulting from or caused by
<br /> defective materials or faulty workmanship, in the prosecution of the work done, the above
<br /> obligaUon shall be and remain in full fo�ce and virtue.
<br /> And the said Surety, for value received, hereby stipulates and agrees to waive the provisions of
<br /> Califomia Civil Code Section 2819 regarding consent to change, extension of time, alteratfon, or
<br /> addkion to the terms of the Contracf or to the work to be perfortned thereunder, or the
<br /> SpecificaUons accompanying the same shall tn any way afFect its obtigatiorts on this bond; and it
<br /> does hereby waive notice of any such change, extension of time,.alteration or addition to the
<br /> terms of the Contract, or to the work, or to the' Specifications.
<br /> In the event City, 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 spec�ed, we agree to pay to the
<br /> REDWOOD SHORES RECYCLED WATER CUSTOMER SITE RETROFITS BID PACKAGE 5
<br />
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