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<br />SECTION 00201 .
<br />FAITHFUL PERFORMANCE BOND
<br />
<br />BOND NO: 1416600
<br />PREMIUM: $5645.00
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<br />KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood
<br />City("City"), San Mateo County, State of Califomia, has awardod to
<br />WARING CONSTRUCTION, INC. , hereinafter designated as the
<br />"Principal", a Contract, the terms and provisions of which Contract are incorporated
<br />herein by reference, for constructing the following project: BCDC ~BSERVATION
<br />DECK WITH ACCESS WALK PROJECT, and
<br />
<br />WHEREAS, said Principal is required under the terms of said Contract to fumish a bond
<br />for the faithful performance of said Contract;
<br />
<br />THE EXPLORER INSURANCE
<br />NOW, THEREFORE, we, the Principal, and COMPANY ,
<br />as surety, are held and firmly bound unto City, San Mateo County, Cálifornia, in the
<br />penal sum of Two Hundred Thirty Two Thousand Two Hundred Fourty Eight Dollars
<br />($232,248.00), laWful money of the United States, being one hundred percent (100%) of
<br />the Contract amount, for the payment of which sum well and truly to be made, we bind
<br />ourselves, our heirs, executors, administrators and successors, jointly and severally,
<br />firmly by these presents.
<br />
<br />THE CONDITION OF THIS OBLIGATION IS SUCH, that if the above bounden
<br />Principal, his or its heirs, executors, administrators, successors or assigns, shall in all
<br />things stand to and abide by, and well and truly keep and faithfully perform the
<br />covenants, conditions, and agreements in the said Contract and any alterations, made as
<br />therein provided, on his or their part, to be kept and performed at the time and in the
<br />manner therein specified, and in all respects according to their true intent and meaning,
<br />and shall indemnify and save harmless City, its Council, Commissioners, boards,
<br />committees, officers, employees and agents, as therein stipulated, then this obligation
<br />shall be null and void: otherwise it shall be and remain in full force and virtue.
<br />
<br />As a condition precedent to the satisfactory completion of the sàid Contract, the above
<br />obligation shall hold good for a period of one (1) year after the completion and
<br />acceptance of the said work, during which time if the above bol,lnden Principal, his or its
<br />heirs, executors, administrators, successors or assigns shall fail to make full, Complete
<br />and satisfactory repair and replacements or totally protect the said City from loss or
<br />damage made evident during said period of one (1) year from the date of acceptance of
<br />said work, and re$ulting from or caused by defective materials or faulty workmanship, in
<br />the prosecution of the work done, the above obligation shall be and remain in full force
<br />and virtue. . . .
<br />
<br />And the said Surety, for value received, hereby stipulates and agrees to waive the
<br />provisions of California Civil Code Section 2819 regarding consent to change, extension
<br />of time, alteration, or addition to the terms of the Contract or to the work to be performed
<br />thereunder or the Specifications accompanying the same shall in any wise affect its
<br />obligations on this bond; and it does hereby waive notice of any such change, extension
<br />of time. alteration or addition to the terms of the Contract, or. to the work, or to the
<br />Specifications. '
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<br />FAITHFUL PERFORMANCE BOND
<br />
<br />00201-1
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