|
Bond No.CAC 93303
<br /> FAITHFUL PERFORMANCE BOND Premium:$734
<br /> KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwood City("City"), San
<br /> Mateo County, State of Califomia, has awarded to
<br /> Pacific Electric Contracting, �nc. , hereinafter designated as the "Principal", a
<br /> Contract, the terms and provisions of which Contract are incorporated herein by reference, for
<br /> constructing the foilowing project:
<br /> EAST BAYSHORE ROAD STREET LIGHTING PRUJECT
<br /> and
<br /> WHEREAS, said Principai is required under the terms af said Contract to fumish a bond for the faithful
<br /> performanoe of said Contract;
<br /> NC1W, THEREFORE, we, the Principal, and_Merchants Bonding Company(Mutual) , as surety, are
<br /> held and firmiy bound unto City, San Mateo County, Cal'rfomia, in the penal sum af
<br /> Fifty Thousand Nine Hundred Sixty Two and No/100 po��a� �$ 50,962.00 ), 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, executars, administrators and successors,
<br /> jointiy and severaily,firmiy by these presents.
<br /> THE CONDITIdN OF THIS OBLIGATION IS SUCH, that if the above bounden Principal, his or its
<br /> heirs, executors, administrators, successors or assigns, shall in all things stand to and abide by, and
<br /> will truiy keep and faithfully pertarm 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 in#ent and meaning, and shall
<br /> indemnify and save harmless City, its Council, Commissioners, boards, committees, afficers,
<br /> employees and agents, as therein stipulated, then this obligation shall be null and void; otherwise it
<br /> shall be and remain in full farce and virtue.
<br /> As a condition precedent to the satisfactory completion of the said Gontrack, the above abligation shaU
<br /> hold goad for a periot! of one (1) year after the campletion and acceptancs af the said wark, during
<br /> which time if the above bounden Principal, his or its heirs, executors, administratars, successors or
<br /> assigns shall fail to rnake full, complete and satisfactory repair and replacements or totally protect the
<br /> said City from loss ar damage made evident during said periad of one (1) year from the date of
<br /> acceptance of said work, and resu(ting fram or caused by defective materials or faulty workmanship, in
<br /> the prosecution af the wark done,the above obligation shall be and remain in full force and virtue.
<br /> And the said Surety, for value rec:eived, hereby stipulates and agrees to waive the provisions af
<br /> Califomia Civil Cade Section 2819 regarding consent to change, extension of time, alteration, or
<br /> addition to the terms of the Contract or to the wark to be performed thereunder, or the Specifications
<br /> accom�anying 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 bord, then, in addition to the penal sum hereinabove spec�ed, we agree to pay to the said City, or
<br /> its successors or assigns, a reasonable sum on account of attamey's fees in such action, which sum
<br /> shall be fixed by the court.
<br /> FAITHFUL PERFORMANCE BOND 00610-i
<br /> EAST BAYSHORE ROAD S7REET LiGHTING PROJECT
<br />
|