|
. � ,
<br /> �
<br /> � i
<br /> Bond Number: SBA850502 I
<br /> Premium: $5,513.00
<br /> ' Subject to Final Contract '
<br /> Price Adjustment
<br /> i
<br /> FAITHFUL PERFORMANCE B�I�ID
<br /> II
<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 i
<br /> Applied Water Resources Corporation , hereinafter designated as the !
<br /> "Principal", a Contract, the terms and provisions of which Contract are incorporated herein by I
<br /> reference, for constructing the following project: �
<br /> REDWOOD SHORES LAGOON MAINTENANCE BOAT RAMP PROJECT
<br /> i
<br /> . i
<br /> and
<br /> WHEREAS, said Principal is required under the terms of said Contract to furnish a bond for the i
<br /> faithful performance of said Contract; !
<br /> NOW, THEREFORE, WE, the Principal, and American Safety Casualty Insurance Company-SBA , ag �
<br /> surety, are held and firmly bound unto City, San Mateo County, California, in the penal sum of
<br /> Two Hundred Seventy-five Thousand Six Hundred Seventy and No/100DOIIafS �$2'15,670.00 Dollars ), 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 truly to be made, we bind ourselves, our heirs, executors, �
<br /> administrators and successors,jointly and severally, firmly by these presents. ��
<br /> THE CONDITION OF THIS OBLIGATION 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 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, i
<br /> then this obligation 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 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 above bounden Principal, his or its heirs, executors, ,�
<br /> administrators, successors 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 /> period of one (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 force and virtue.
<br /> And the said Surety, for value received, hereby stipulates and a�rees 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 ifiv 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 /> upon this bond, then, in addition to the penal sum hereinabove specified, we agree to pay to the
<br /> REDWOOD SHORES LAGOON h1AINTENANCE BOAT RAMP PROJECT
<br />
|