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SECTION 00610
<br /> FAITHFUL PERFORMANCE BOND
<br /> KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood City("City"), San
<br /> Mateo County, State of California, has awarded to
<br /> , hereinafter designated as the "Principal", a
<br /> Contract, the terms and provisions of which Contract are incorporated herein by reference, for
<br /> constructing the following project:
<br /> [PROJECT NAME]
<br /> and
<br /> WHEREAS, said Principal is required under the terms of said Contract to furnish a bond for the faithful
<br /> performance of said Contract;
<br /> NOW, THEREFORE, we, the Principal, and , as surety, are
<br /> held and firmly bound unto City, San Mateo County, California, in the penal sum of
<br /> Dollars ($ ), lawful money of the
<br /> United States, being one hundred percent (100%) of the Contract amount, for the payment of which
<br /> sum well and truly to be made, we bind ourselves, our heirs, executors, administrators and successors,
<br /> jointly and severally, firmiy by these presents.
<br /> THE CONDITION OF THIS OBLIGATION IS SUCH, that if the above bounden Principai, his or its
<br /> heirs, executors, administrators, successors or assigns, shall in all things stand to and abide by, and
<br /> will truly keep and faithfully perform the covenants, conditions, and agreements in the said Contract and
<br /> any alterations made as therein provided, on his or their part, to be kept and performed at the time and
<br /> in the manner therein specified, and in all respects according to their true intent and meaning, and shall
<br /> indemnify and save harmless City, its Council, Commissioners, boards, committees, officers,
<br /> employees and agents, as therein stipulated, then this obligation shall be null and void; otherwise it
<br /> shall be and remain in full force and virtue.
<br /> As a condition precedent to the satisfactory completion of the said Contract, the above obligation shall
<br /> hold good for a period of one (1) year after the completion and acceptance of the said work, during
<br /> which time if the above bounden Principal, his or its heirs, executors, administrators, successors or
<br /> assigns shall fail to make full, complete and satisfactory repair and replacements or totally protect the
<br /> said City from loss or damage made evident during said period of one (1) year from the date of
<br /> acceptance of said work, and resulting from or caused by defective materials or faulty workmanship, in
<br /> the prosecution of the work done, the above 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 the Specifications
<br /> accompanying the same shall in any way affect its obligations on this bond; and it does hereby waive
<br /> notice of any such change, extension of time, alteration or addition to the terms of the Contract, or to
<br /> 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 upon
<br /> this bond, then, in addition to the penal sum hereinabove specified, we agree to pay to the said City, or
<br /> its successors or assigns, a reasonable sum on account of attorney's fees in such action, which sum
<br /> shall be fixed by the court.
<br /> IN WITNESS THEREOF, the above bounden parties have executed this instrument under their seals
<br /> this day of 20 the name and corporate seal of each corporate
<br /> party being hereto affixed, and these presents duly signed by its undersigned representative, pursuant
<br /> to authority of its governing body.
<br /> FAITHFUL PERFORMANCE BOND 00610-1
<br /> EAST BAYSHORE ROAD STREET LIGHTING PROJECT
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