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FAITHFUL PERFORMANCE BOND
COUNTY OF RIVERSIDE, STATE OF CALIFORNIA
(Government Code Section 66499.1)
FOR:
Streets and Drainage
$ ________________________________________
Tract No.
________________________________________
Water System
$ ________________________________________
Parcel Map No.
________________________________________
Sewer System
$ ________________________________________
Bond No.
________________________________________
Premium
$ ________________________________________
Surety
________________________________________
Principal
________________________________________
Address
________________________________________
Address
________________________________________
City/State
________________________________________
City/State
________________________________________
Zip
________________________________________
Zip
________________________________________
Phone
________________________________________
Phone
________________________________________


WHEREAS, the County of Riverside, State of California, and _____________________________________ (hereinafter designated as ("principal") have entered into, or are about to enter into, the attached agreement(s) whereby principal agrees to install and complete the above designated public improvements relating to (Tract/Parcel Map) ________________________________________, which agreement(s) is/are hereby referred to and made a part hereof; and,

WHEREAS, under the terms of said agreement, principal is required, before entering upon the performance of the work, to file a good and sufficient payment bond with the County of Riverside to secure the claims to which reference is made in Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code of the State of California;

NOW, THEREFORE, said principal and the undersigned, as corporate surety, are held firmly unto the County of Riverside and all contractors, subcontractors, laborers, material persons and other persons employed in the performance of said Civil Code in the sum of ____________________________________ Dollars ($____________________)for materials furnished or labor thereon of any kind, or for amounts due under the Unemployment Insurance Act with respect to such work or labor, that said surety will pay the same in an amount not exceeding the amount hereinabove set forth, and also in case suit is brought upon this bond, will pay, in addition to the face amount thereof, costs and reasonable expenses and fees, including reasonable attorney's fees, incurred by the County in successfully enforcing such obligation, to be awarded and fixed by the court, and to be taxed as costs and to be included in the judgment therein rendered.

It is hereby expressly stipulated and agreed upon that this bond shall inure to the benefit of any and all persons, companies and corporations entitles to full claims under Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code, so as to give a right of action to them or their assigns in any suit brought upon this bond.

Should the condition of this bond be fully performed, then this obligation shall become null and void; otherwise, it shall be and remain in full force and effect.

The surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of this agreement or to the specifications accompanying the same shall in anywise affect its obligation on this bond, and it does hereby waive notice of any such change, extension of time, alteration or addition. Surety further stipulates and agrees that the provisions of Section 2845 of the Civil Code are not a condition precedent to surety's obligations hereunder and are hereby waived by surety. IN WITNESS WHEREOF, this instrument has been duly executed by the principal and surety above named, on ________________________________________.

 

NAME OF PRINCIPAL

________________________________________

________________________________________

AUTHORIZED SIGNATURE(S): By:

______________________________

______________________________

______________________________

______________________________
Title
______________________________
Title
______________________________
Title
(If Corporation, Affix Seal)

NAME OF SURETY:

________________________________________

AUTHORIZED SIGNATURE:

______________________________
Its Attorney-in-Fact

______________________________
Title
(If Corporation, Affix Seal)

Attach Notarial Acknowledgment Of Signatures Of Principal And Attorney-In-Fact.