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, said principal is required under the terms of said agreement(s) to furnish bond(s) for the faithful performance of said agreement(s); NOW, THEREFORE, we the principal and ________________________________________, as surety, are held and firmly bound unto the County of Riverside in the penal sum of ________________________________________ Dollars ($ ____________________) lawful money of the United States, for the payment of which sum will and truly be made, we bind ourselves, our heirs, successors, executors and administrators, jointly and severally, firmly by these presents. The condition of this obligation is such that if the above bonded principal, his or its heirs, executors, administrators, successors or assigns, shall in all things stand to and abide by, and well and truly keep and perform the covenants, conditions and provisions in the said agreement and any alteration thereof made as therein provided, on his or their part, to be kept and performed at the time and in the manner therein specified, and in all respects according to their true intent and meaning, and shall indemnify and save harmless the County of Riverside, its officers, agents and employees, as therein stipulated, then this obligation shall become null and void; otherwise, it shall remain in full force and effect. As a part of the obligation secured hereby and in addition to the face amount specified therefore, there shall be included costs and reasonable expenses and fees, including reasonable attorney's fees, incurred by the County in successfully enforcing such obligation, all to be taxed as costs and included in any judgment rendered. The surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of this agreement or to the work to be performed thereunder or 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 and commencement of construction are not conditions precedent to surety's obligations hereunder and are hereby waived by surety. When the work covered by the agreement is complete, the County of Riverside will accept the work and thereupon, the amount of the obligation of this bond is reduced by 90% with the remaining 10% held as security for the one-year maintenance period provided for in the agreement(s). 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. |
