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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 Mateo
<br /> County, State of California, has awarded to
<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 /> MARSHALL STREET GARAGE ELEVATOR REFURBISHMENT PROJECT
<br /> and
<br /> WHEREAS, said Principal is required under the terms of said Contract to furnish a bond for the faithful
<br /> pertormance of said Contract;
<br /> NOW, THEREFORE, we, the Principal, and , as surety, are held and
<br /> firmly bound unto City, San Mateo County, California, in the penal sum of
<br /> Dollars ($ ), lawful money of the United
<br /> States, being one hundred percent(100%) of the Contract amount, for the payment of which sum well and truly
<br /> to be made, we bind ourselves, our heirs, executors, administrators and successors,jointly and severally, firmly
<br /> 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 keep
<br /> and faithfully pertorm the covenants, conditions, and agreements in the said Contract and any alterations made
<br /> as therein provided, on his or their part, to be kept and perFormed at the time and in the manner therein
<br /> specified, and in all respects according to their true intent and meaning, and shall indemnify and save harmless
<br /> City, its Council, Commissioners, 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 virtue.
<br /> As a condition precedent to the satisfactory completion of the said Contract, the above obligation shall hold
<br /> good for a period of one (1) year after the completion and acceptance of the said work, during which time if the
<br /> above bounden Principal, his or its heirs, executors, administrators, successors or assigns shall fail to make full,
<br /> complete and satisfactory repair and replacements or totally protect the said City from loss or damage made
<br /> evident during said period of one (1) year from the date of acceptance of said work, and resulting from or
<br /> caused by defective materials or faulty workmanship, in the prosecution of the work done, the above obligation
<br /> 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 Civil
<br /> Code Section 2819 regarding consent to change, extension of time, alteration, or addition to the terms of the
<br /> Contract or to the work to be performed thereunder, or the Specifications accompanying the same shall in any
<br /> way affect its obligations on this bond; and it does hereby waive notice of any such change, extension of time,
<br /> alteration or addition to the terms of the Contract, or to 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 this bond,
<br /> then, in addition to the penal sum hereinabove specified, we agree to pay to the said City, or its successors or
<br /> assigns, a reasonable sum on account of attorney's fees in such action, which sum 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 party
<br /> being hereto affixed, and these presents duly signed by its undersigned representative, pursuant to authority of
<br /> its governing body.
<br /> ATTEST:
<br /> Principal
<br /> (SEAL)
<br /> BY (S)
<br /> FAITHFUL PERFORMANCE BOND
<br /> MARSHALL STREET GARAGE ELEVATOR
<br /> REFURBISHMENT PROJECT 00610-1
<br />
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