|
.�
<br /> Bond No.929575037
<br /> Premium:$800.00
<br /> FAITHFUL PERFORMANCE BOND
<br /> KNOW A�.L MEN BY THESE PRESENTS: that, WHEREAS, the City of Redwaod City("City"), San Mateo
<br /> County, State of California, has awarded to Columbia Electric �nc. ,
<br /> hereinafter designated as the "Principal", a Contract, the terms and provisions of which Contract are
<br /> incorporated herein by reference, for constructing the following project:
<br /> NORTH-SOUTH BIKE ROUTE IMPROVEMENT PROJECT
<br /> And
<br /> WHEREAS, said Principal is required under the terms of said Contract to furnish a bond far the faithful
<br /> performance of said Contract;
<br /> NOW, THEREFORE, we, the PrinCipal, ar�d Western Surety Company , as surety, are
<br /> held and ,firmfy bound unto City, San Mateo County, California, in the penal sum of
<br /> Fifty Five Thousand Five Hundred Fifty Nine and no1100 Dolla�S ($55,559.00----------), lawfu) mOney Of the
<br /> United States, being one hundred percent (100%) of the Cantract amount, for the payment of which sum
<br /> well and truly to be made, we bind ourselves, our heirs, executors, administrators and successors, jointly
<br /> and severally, firmly by these presents.
<br /> THE CONDITION OF THIS OBLIGATION IS SUCH, that if the above bounden Principal, his or its heirs,
<br /> executors, administrators, successors or assigns, shall in all things stand to and abide by, and will truly
<br /> keep and faithfully perform the covenants, conditions, and agreements in the said Contract and any
<br /> alterations made as therein provided, on his or their part, to be kept and pertormed at the time and in the
<br /> 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, employees
<br /> and agents, as therein stipulated, then this obligation shall be null and void; otherwise it shall be and
<br /> remain in full farce and virtue.
<br /> As a condition precedent to the satisfactory campletion of the said Contract, the above obligation shall
<br /> hold good for a period af one (1) year after the completion and acceptance of the said work, during which
<br /> time if the above bounden Principal, his or its heirs, executors, administrators, successors or assigns shall
<br /> fail to make full, complete and satisfactory repair and replacements or totally protect the said City from
<br /> loss or damage made evident during said period of one(1)year from the date of acceptance of said work,
<br /> and resulting from or caused by defective materials or faulty workmanship, in the prosecution of the work
<br /> 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 California
<br /> Civil Code Section 2819 regarding consent to change, extension of time, alteration, or addition to the
<br /> terms of the Contract or to the work to be perfarmed thereunder, or the Specifications accompanying the
<br /> same shall in any way affect its obligations on this bond; and it does hereby waive notice of any such
<br /> change, extension of time, alteration or addition to the terms of the Contract, or to the work, or to the
<br /> Specifications.
<br /> In the event City, or its successors or assigns, shall be the prevailing party in an action brought upon this
<br /> bond, then, in addition to the penal sum hereinabove specified, we agree to pay to the said City, or its
<br /> successors or assigns, a reasonable sum on account of attorney's fees in such action, which sum shall be
<br /> fixed by the court.
<br /> FAITHFUL PERFORMAHCE BOND
<br /> NORTH-SOUTH BIKE ROUTE IMPROVEMENT PROJECT
<br />
|