|
, BOND NO. 783171 P
<br /> PREMIUM: $1,444.00
<br /> . ' p$�tilS'_8 [5 Gi:'2 C�':'.'nr ^,T TE"f.1
<br /> . U7iJ !S �;i 3`.L•". �'f if 4!t?;J.'ii'�1 C;ET
<br /> l'�'s';aD Utd (i�: �t C��; ;'i F;i:Ci Pit!CE �
<br /> FAITHFUL PERFORMANCE BOND
<br /> KNOW ALL MEN BYTHESE PRESENTS: that, WHEREAS, the City of Redwood City("City"},
<br /> San Mateo County, State of Califomia, has awarded to
<br /> TONY PAINTING hereinafter designated as the
<br /> "Principal", a Contract, the terms and provisions of which Confract are inwrporated herein by
<br /> reference for constructlng the following project:.
<br /> 2011 WATER:TANK'EXTERIOR FINISH COATING PROJECT
<br /> and
<br /> WHEREA$�.said.Principal,is required under the tertns of said,ConVact to fumish a bond for the
<br /> fadhful perfOrtnance Of SaId,COntract; DEVELOPERS SURETY AND INDEMNITY
<br /> NOW, THEREFORE, we, the Principal, and COnnaANY � eg
<br /> surety, are held and firmly,6ound unto City; San Mateo County, Calffomia, in the penal sum of
<br /> Fifty Seven Thousand Seven Hundred Fifty ' D0118r3 ($ 57.750.00 1, IawfUl mOney
<br /> of the Unfted States, being one hundred percent (100%) of the Contract amount, for the
<br /> payment of which sum well and truly to: be made, we bind ourselves, our heirs; executors;
<br /> administrators and successois; joinUy andseverally, firtnly by these preserrts.
<br /> THECONDITION OF THIS OBLIGATION IS SUCH, that if the above bounden his or
<br /> its heirs; executors, administrators, successors or assigns, shall in ell things stand to-and abide
<br /> by, and wili tnrly keep and fafthfully perform the covenants, condftions,.and agreements in the
<br /> said Contract and any atterations made as therein provided; on his or their part, to be kept.and
<br /> performed at the Ume :and in the manne_r therein specified; and in all respects according to their
<br /> true intent and meening, and shali _ indemnify and save harmiess City, its Council,
<br /> Commiasioners, boards; committees, officers, employees and agents, as therein stipulated,
<br /> then this obliga4ion, shall be null and void; otheiwise,it shall be and, remain in full force and
<br /> virtue.
<br /> As a condition ;precedent to the satisfactory completion of the said Contract,, the above
<br /> obligation shall hold good for,a period of one (1) year after the completion and acceptance of
<br /> ,the said work during which time ifthe:above bounden Principal his or its heirs; executors,
<br /> administrators, successors or'assigns shall fail to make full,, complete and satisfactory repair
<br /> and replacements or tota�iy protect the said 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 material§ or faufty workmanship, in the prosecution of the work done, .the above
<br /> obligation shall.be and remain in full force 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; aiteration,,or
<br /> `addition to ihe; terms of the Contrad. or .to the work to 6e pertorrned thereunder, or the
<br /> Specifications accompa,nying the same sfiall in any way affecCits.obligations on this bond; and i4
<br /> �does hereby waive;notice of any such change, extension.of time, aReration or addition to the
<br /> terms of the Contrect, o► toShe work, or to the Specifications.
<br /> In the event City, or Rs successors or assigns, shall be the prevaiting party in an acGon brought
<br /> upon this bond, then,. in addition to the penal sum hereinabovesPec�ed, we agree to pay to the
<br />
|