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Premium is Based on the Final Contract Amount.
<br /> ISSUED IN TRIPLICATE
<br /> Bond No. 54-192342
<br /> SECTION 00690 Premium:$7,967.29
<br /> FAITHFUL PERFORMANCE BOND
<br /> KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood City("City"),
<br /> San Mateo County, State of California, has awarded to
<br /> Aquatic Environments, Inc. , hereinafter designated as the
<br /> "Principal", a Contract, the terms and provisions of which Contract are incorporated herein by
<br /> reference,for constructing the following praject:
<br /> BELM4NT SLOUGH MAINTENANCE DREDGING PROJEGT
<br /> and
<br /> WHEREAS, said Principal is required under the terms of said Contract to furnish a bond for the
<br /> faithful pertormance af said Contract;
<br /> NOW�THEREFt?RE, we, the Principal, and Financial Pacific Insurance Company�$ surety, are held
<br /> and firmly baund unto City, San Mateo County, California, in the penal sum of
<br /> '`'Three Hundred Eighteen Thousand, Six Hundred Ninety One Dollars and 50/100*"
<br /> ($ **318,691.50 ** ), lawful money of the United States, being one hund�ed percent
<br /> (100%) of the Contract amount, for the payment of which sum well and truly to be made, we �
<br /> bind ourselves, our heirs, executors, administrators and successors,jointly and severally, firmly
<br /> by these presents.
<br /> THE CONDITION OF THIS 4BLIGATION IS SUCH, that if the above bounden Principal, his or
<br /> its heirs, executors, administ�ators, 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, ta be kept and
<br /> perFormed at the time and in the manner therein specified, and in all respects accorcling to their
<br /> true intent and meaning, and shall indemnify and save harmless City, its Council,
<br /> Commissioners, boards, committees, o�cers, employees and agents, as therein stipuiated,
<br /> then this obligation shall be null and void; otherwise it shali be and remain in full force and
<br /> virtue.
<br /> As a condition precedent to the satisfactory campletion 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 abave bounden Principal, his ar its heirs, executors,
<br /> administrators, successors or assigns shall fail ta make fuli, complete and satisfactary 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 fram or caused by
<br /> defective mater�als ar faulty workmanship, in the prosecution of the work done, the above
<br /> obligation shall be and remain in full farce and virtue.
<br /> And the said Surety,for value received, hereby stipulates and agrees to waive the provisions of
<br /> Califamia Civil Cade Seetian 2819 regarding consent ta change, extension of time, alteration, or
<br /> addition to the terms of the Contract or to the work to be performed thereunder, or the
<br /> Specificatians accompanying the same shall in any way affect its obligations on this bond; and it �
<br /> FAITHFUL PERFORMANCE BOND 00610-1
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