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Executed in two counterparts
<br /> Bond No. 070-014-164
<br /> Premium: $580.00
<br /> FAITHFUl. PERFORMANCE BQND
<br /> !(NOW ALL AAEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood City("City"),
<br /> San Matea County, State of California, has awarded to
<br /> Interstate Grading and Paving, Inc. hereinafter designated as the
<br /> '"Principal", a Contract, the terms and pravisions of which Confiract are incorporated herein by
<br /> reference, for canstructing the fallowing project:
<br /> SHQREWAY-SKl(WAY BIKE IMPROVEMENTS PROJECT
<br /> and
<br /> WHEREAS, said Principal is required under th�terrns of said Contract to furnish a bond for the
<br /> faithful performance of said Gontract;
<br /> NOW, THEREFORE, we, the Principal, �nd Safeco Insurance Companv of America , as
<br /> surety, are held and firmly bound unto City, San MatEO County, California, in the pena! sum of
<br /> One Hundred Five Thousand Three Hundred Seventv" �ollars ($105,376.50*`*`*""` }, (awful money
<br /> of the United States, being one hundred percent (100°!0) of the Contract amount, far the
<br /> payment cf which sum wel! and truly to be made, we bind ourselves, our h�irs, executors,
<br /> a�lministrators and successors,jointly and serrerally, firmly by these presents. *Six and 50/100ths
<br /> THE Ct)NDITION t?F THlS OBLIGATION 15 SUCH, that if the above baunden Principal, his ar
<br /> its heirs, executors, administrators, successors or assigns, shall in all things stand to and abide
<br /> by, and wi{I truly keep and faithfufly perfflrm the cavenants, conditions, and agreements in the
<br /> said Gontract and any alterations made as therein provided, on his or their part, to be kept and
<br /> performed at the tirne and in the manner therein sp�cified, and in all respects according to their
<br /> true in#ent and meaning, and shal! indemnify and save harmless City, its Council,
<br /> Cammissianers, baards, committees, officers, employees and agents, as therein stipulated;
<br /> then tMis abligation shall be null and void; otherwise it shall t�e and remain in full force and
<br /> VII'fUf.'.
<br /> As a condition precec{ent ta the satisfactory completion of the said Contraet, the above
<br /> obtigation sha8 hoid good for a period of one (9} year after the completion and acceptance of
<br /> the said work, during which tirne if the above bounden Principal, his or its heirs, executors,
<br /> adrr�inistratars, successors or assigns shall fail tca make full, complete and satisfactory repair
<br /> and replacements or tatally protect the said City from loss or damage made evident during said
<br /> period of one (1} year frQm the date of acceptance of said work, and resulting fram or caused by
<br /> �iefecti�e materiais ar fau4ty workmanship, in the prosecution of the work done, the above
<br /> obligation shali be and r�main in full force and vir#ue.
<br /> And the said Surety, for value received, hereby stipulates and agrees to waive the pravisions of
<br /> �aiifarnia Civil Code Section 2819 regarding consent to chang�e, extension of time, aiteratian, or
<br /> addition to the terms of the Cuntract or to the work to be performed thereunder, or the
<br /> Specifications accompanying the same shall in any way affect its obligations on this bond; and it
<br /> does hareby waiv� notice of any such change, extension af time, aiteration or addition to the
<br /> terms af the Contract, ar to the work, or to the �peeifications.
<br /> In the event City, or its successors or assigns, shall be the �revailing party in an aetion brought
<br /> upon this bond, then, in addition to the penal sum hereinabovs specified, we agree to pay to the
<br /> said City, or its successors ar assigns, a reasonable sum o� account of attorney's fees in such
<br /> action, �nrhich s�am shall be fixed by the court.
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<br /> 5{-!(aREWAY-SKYWAY 66KE IMPROVEMENTS PROJECT
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