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Bond Number: 12098462
<br /> Premium:$7,096.00
<br /> FAITHFUL PERFORMANCE BOND
<br /> KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City af Redwood City("City"),
<br /> San Mateo County, State of Cafifornia, has awarded to
<br /> American Asphalt Repair and Resurfacing Company, inc. hereinafter designated aS the
<br /> �
<br /> "Principal", a Contract, the terms and provisions of which Cantract are incorparated herein by
<br /> reference, for constructing the following project_
<br /> 2012-2013 SLURRY SEAL PROJEGT
<br /> and
<br /> WHEREAS, said Principal is required under the terms of said Contract to furnish a bond for the
<br /> faithful performance of said Contract; The Guarantee Company of North
<br /> NOW, THEREFORE, we, the Principal, and America USA
<br /> , as
<br /> surety, are held and firmly bound unto City, San Mateo Gounty, California, in the penal sum of
<br /> One Million Two Hundred Nineteen Thousand One Hundred Fifty-Thr�pllafS ($ 1,219,153.00 ), lawfiuf money
<br /> af 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 CONDtT10N OF TH)S OBLIGATION IS SUCH, that if the above bounden Principal, his or
<br /> its heirs, executors, administrators, successors or assigns, shali in all things stand to and abide
<br /> by, and will truly keep and faithfully pertorm the covenants, conditior►s, and agreements in the
<br /> said Gontract 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 /> Cornrnissioners, boards, committees, officers, employees and agents, as therein stipulated,
<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 satisfactary completion of the said Contract, the above
<br /> obligation shail hold good for a period af one (1) year after the completion and acceptance of
<br /> the said wark, 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 rep)acements or totaUy protect the said Ci#y from loss or darnage 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 agrees to waive the provisions of
<br /> Caiifornia Civi! Code Section 2819 regarding consent to change, extension of time, alteration, or
<br /> addition to the terms of the Cantract ar to the wark 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, alteratian 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, shal! be the prevailing party in an action brought
<br /> upon this bond, then, in addition to the penai sum hereinabove specified, we agree to pay to the
<br /> said City, or it� successors or assigns, a reasonable sum on account of attorney's fees in such
<br /> action, which sum shall be fixed by the court.
<br /> BONDS 00610-1
<br /> 2012-2013 SLURRY SEA�PROJECT
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