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<br /> ' - Bond #: 105788375
<br /> Premium : $4,164.00
<br /> FAITHFUL PERFORMANCE BOND
<br /> KN4W ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood City{"City"),
<br /> San Matea County, State of Caiifornia, has awarded to
<br /> o'Grady Paving, �nc. , hereinaffer designated as the
<br /> "Principal", a Contract, the terms and provisions of which Contract are incorporated herein by
<br /> reference, for constructing the following project:
<br /> 2011-2412 SPOT REPAIR AND OVERLAY PROJECT
<br /> and
<br /> WHEREAS, said Principal is req�ired under the terms of said Contract to furnish a bond for the
<br /> faithful performance of said Contract;
<br /> NOW, THEREI=ORE, We, the Principal, at1d Traveler Casualty and Surety Company of America� aS
<br /> surefy, are held and firmly bound unto City, San Mateo County, California, in the penal sum of
<br /> Eight Hundred Sixty Seven Thousand Five Hundred 8ixty Four pollars ($_ ss7,564.00 ), lawful money
<br /> of the United States, being one hundred percent {100%) of the Contract amount, for the
<br /> payment of which sum well and tru(y to be made, we bind aurselves, our heirs, executors,
<br /> administrators and successors,jointly and severally, firmly by these presents.
<br /> THE CONDITION OF THIS 4Bl,IGATION IS SUCH, that if the above bounden Principal, 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 pertorm 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 Council,
<br /> Commissioners, boards, comrnittees, officers, employees and agents, as therein stipulated,
<br /> then this obligation shall be null and vflid; otherwise it shall be and remain in full force and
<br /> virtue.
<br /> As a condition precedent ta the satisfactory completion of the said Contract, the above
<br /> obligatlon 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, comp[ete and satisfactory repair
<br /> and replacements or totally protect the said Clty from loss or damage made evident during said
<br /> period of one (1) year from the date of acceptance of said work, and resulting frorn 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 Civil Code Section 2819 regarding consent to change, extension of time, alteration, or
<br /> addition to the terms of the Contract or to the work to be performed thereunder, or #he
<br /> Speci�cations accompanying the same sha(I in any way affect its obligations on this bond; and it
<br /> does hereby waive notice of any such change, extension af time, a(teration 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 prevaifing party in an action brought
<br /> upon this bond, then, in addition to the penal sum hereinabove specified, we agree to pay to the
<br /> said City, or its successors or assigns, a reasonabla sum on account of attorney`s fees in such
<br /> action, which sum shall be fixed by the court.
<br /> 2011-2012 SPOT REPAIR AND OVERLAY PROJECT
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