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, Bond #70003197
<br /> Premitun: $6,731.00
<br /> FAITHFUL PERFORMANCE BOND
<br /> KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood City ("City"),
<br /> San Matea County, State of Cal'rfomia, has awarded to �ger Pipelines, Incc�rporated
<br /> hereinafter designated as the"Principai", a Contract, the terrns and provisions of which Contract
<br /> are incorporated herein by reference, for canstructing the iollowing project:
<br /> 2011-2012 SANITARY SEWER REPLACEMENT PROJECT
<br /> and
<br /> WHEREAS, said Principal is required under the terms of said Contra�t to furnish a bond for the
<br /> faithful performance of said Contract; ��y
<br /> NOW, THEREFORE,we, the Principal, and Liberty 1Kutual Insurance , as surety, are held
<br /> and firmly bound unto City, San Mateo County, California, in th penal sum of
<br /> Eight hundred eighty five thousand six hundr•ed s�ty and nof100-DOTT.z�R�
<br /> ($ 885.660,00 ), lawful maney of the United States, being one hundred 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 severalty, firmly
<br /> by these presents,
<br /> THE CONDITION OF THIS UBLIGATION 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 truiy 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 Council,
<br /> Commissioners, boards, committees, officers, employees and agents, as therein stipulated,
<br /> then this obliga#ion shall be null and void; otherwise it shall be and remain in full force and
<br /> virtue.
<br /> As a condition precedent to the satisfactory completion of the said Eontract, the above
<br /> obligation shall hold good for a period of one (1) year after the campletion and accep#ance of
<br /> the said work, during which time if the above bounden Principal, his or its heirs, executors,
<br /> administrators, successars 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 /> periad of�ne (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 fores 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 the
<br /> Specifications accompanying the same shall in any way affect its obligations on this bond; and it
<br /> does hereby waive notice of any such change, extension of time, alteration 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 prevailing party in an action brought
<br /> upan this bond, then, in addition to the penal sum hereinabove specified, we agree to pay to the
<br /> 2011-2012 SANITARY SEWER REPLACEMENT PROJECT
<br />
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