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Gxecutcd in dupGcatc FAITHFUL PERFC?RMANCE BOND Bond No. OI G0541 Sb
<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 /> Golden State Utiliry Co. , hereinafter designated as the
<br /> "Principal", a Cantract, the terms and provisions of which Contract are incorporated herein by
<br /> reference,for constructing the following project:
<br /> CITY OF REDWfJtJD CIIY FIBER OPTIC UPGRADE PRt3JECT
<br /> and
<br /> WHEREA3, said Principal is required under the terms of said Contract to fumish a bond for the
<br /> faithful performance of said Contract;
<br /> NUW, THEREF'OR�, w6, the Prineipai, 8nd LibeRy Muhial Insur.�nce Compnny ag
<br /> surety, are hetd and firmiy bound unto City, 5an Mateo County, Califomia, in the penat sum of
<br /> Seventy two tl�ousand two hundred forty eight&00/100 Dollars ($ 7z,248.00 ), lawfui 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 OBLIGATlOh1 IS SUCH, that if the above bounden Principal, his or
<br /> its heirs, executors, administratars, successors or assigns, shall in ail 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 /> pertormed at the time and in the manner therein specified, and in all respects accorcling to their
<br /> tn�e intent and meaning, and shall indemnify and save harmless City, its Council,
<br /> Commissianers, boards, committees, officers, employees and agents, as therein stipulated,
<br /> then this obligation shall be null and void; othervvise 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 goad for a period of one (1) year after the completfon and acceptance of
<br /> the said work, during which time if the above bounden P�incipal, his or its heirs, executors,
<br /> administrators, successors or assigns sha{I fail to make full, complete and satisfactory repair
<br /> and replacements or totally protect the said City frorn loss or damage made evident during said
<br /> period of one(1)year fram the date of acceptance of said work, and resulting f�om or caused by
<br /> defective materials o� faulty waricmanship, in the prosecution af 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 /> Califomis Civil Code Section 2819 regarding consent to change, extension of time, alteration, or
<br /> addit+on 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 abligatians 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, ar to the Specifications.
<br /> In the event City, or its successors or assigns, shall be the prevai{ing 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, ar its successors or assigns, a reasonable sum on account of attomey's fees in such
<br /> action, which sum shall be ixed by the court.
<br /> CITY OF REQWOOC CITY FIBER OPTIC UPGRADE PROJECT
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