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Bond Number: 723979
<br /> Premium: $1,857.39
<br /> Subject to Final Contract Price Adjustment
<br /> FAITHFU! PERFORMANCE BOND
<br /> KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood City("City"),
<br /> San Mateo County, State of California, has awarded to
<br /> Environmental Risk Specialties Corp. dba Water Rock Restoration , hereinafter designated 8S the
<br /> "Principai", a Contract, the terms and provisions of which Contract are incorporatad herein by
<br /> reference, for constructing the following project:
<br /> SEAPORT RIP RAP REPLACEMENT PROJECT
<br /> and
<br /> WIiEREAS, said Principal is required under the terms of said Contract to furnish a bond for the
<br /> faithful pertormance of said Contract;
<br /> I�OW THEREFORE WB, the Principal, and DevelopersSuretyAndlndemniryCompany � aS
<br /> surety, are held and firmly bound unto City, San Mateo Counfy, California, in the penal sum of
<br /> Siuty One Thousand Nine Hundred Thirteen and No/100-------------- DOII81'S �$ 61,913.00-----------� lawful money
<br /> of the Unifed States, being one hundred percent (100%) of the Contract amount, for the
<br /> payment of which sum well and truly to be made, we bfnd ourselves, our heirs, executors,
<br /> administrators and successors, jointly and severally, firmly by these presents.
<br /> THE CONDITION OF THIS OBLIGATION IS SUCH, that if the above bounden Principal, his or
<br /> its heirs, executors, administrators, successors or assigns, shail in all things stand to and abide
<br /> by, and wiil 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 /> performed at the time and in the manner therein specified, and in all respects according to their
<br /> true intent and meaning, and shall indemnify and save harmless City, its Councii,
<br /> Commissioners, boards, committees, officers, employees and agents, as therein stipulated,
<br /> then this obligation shall be null and void; othervvise it shall be and remain in full force and
<br /> virtue.
<br /> As a condition precedent fo the satisfactory compietion 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 if the 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 totally 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 materials or faulty 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 /> California Civii Code Section 2819 regarding consent to change, extension of time, alteration, or
<br /> addition to the terms of the Contract or to the work fo be perForrned thereunder, or the
<br /> Specifications accompanying the same shall in any way affect its obligations on this bond; and it
<br /> does here6y waive notice of any such change, extension of time, alteration or addition to the
<br /> terms of the Confraot, 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 tha penal sum hereinabove specified, we agree to pay to the
<br /> said Ci4y, or its successors or assigns, a reasonable sum on account of attorney's fees in such
<br /> action, which sum shall be fixed by the court.
<br /> SEAPORT RIP RAP REPLACEMENT PROJECT
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