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FAITHFUL PERFORMANCE BOND Bond No 019064558
<br />Whereas, the City of Redlands ("City"), State of California, and HENKELS & MccoY INC (hereinafter designated as
<br />"Principal") have entered into an agreement dated July 3 , 2018 ("Agreement") whereby Principal agrees to install and
<br />complete certain public improvements (the "Work"), which said Agreement is identified as
<br />STATE STREET TRENCHICON©UIT INSTALLATION and Is hereby referred to and made a part hereof, and
<br />PROJECT NUMBER OOL05242018KG
<br />Whereas, said Principal is required under the terms of the Agreement to furnish a bond for the faithful
<br />performance of the Agreement, now, therefore, we, the Principal and Liberty Mutual Insurance company, as Surety, are
<br />held and firmly bound unto the City in the penal sum of Fifty Six Thousand Nine Hundred Twenty six Dollars ($
<br />($ 6,926,00 lawful money of the United States, for the payment of which sum we bind ourselves, and our
<br />heirs, successors, executors and administrators, jointly and severally, firmly by these presents
<br />The condition of this obligation is such that if the above bounded Principal, his or Its heirs, executors,
<br />administrators, successors or assigns, shall in all things stand to and abide by, and well and truly keep and perform
<br />the covenants, conditions and provisions In the Agreement and any alteration thereof made as therein provided, on
<br />his or its part, to be kept and performed at the time and In the manner therein specified, and in all respects according
<br />to their true intent and meaning, and shall faithfully fulfill the one year guarantee of all materials and workmanship,
<br />and shall defend, Indemnify and save harmless the City and its elected officials, officers, agents and employees, as
<br />therein stipulated, then this obligation shall become null and void, otherwise it shall be and remain in full force and
<br />effect
<br />As a part of the obligation secured hereby and in addition to the face amount specified therefor, there shall
<br />be included costs and reasonable expenses and fees, including reasonable attorneys' fees, Incurred by the City In
<br />successfully enforcing such obligations, all to be taxed as costs and included in the judgment rendered
<br />As a condition precedent to the satisfactory completion of the Agreement, the above obligation shall hold
<br />good for a period of one (1) year or longer If required by the Agreement after the acceptance of the work by the City,
<br />during which time If the Principal shall fall to make full, complete, and satisfactory repair and replacements and totally
<br />protect the City from loss or damage made evident during this period from the date of completion of the Work, and
<br />resulting from or caused by defective materials or faulty workmanship, the above obligation in penal sum thereof
<br />shall remain in full force and effect
<br />The obligations of Surety hereunder shall continue so long as any obligation of the Principal remains
<br />Whenever the Principal shall be, and Is declared by the City to be, in default under the Agreement, the City
<br />having performed the City obligations thereunder the Surety shall promptly remedy the default, or shall promptly, at
<br />the City's option
<br />Complete the Agreement In accordance with Its terms and conditions, or
<br />2 Obtain a bid or bids for completing the Agreement in accordance with its terms and conditions, and upon
<br />determination by Surety of the lowest responsive and responsible bidder, arrange for a contract between such bidder
<br />and the City, and make available as work progresses sufficient funds to pay the cost of completion of the Work less
<br />the balance of the Agreement price, but not exceeding, including other costs and damages for which Surety may be
<br />liable hereunder, the amount set forth above The term "balance of the Agreement price," as used In this paragraph,
<br />shall mean the total amount payable to the Principal by the City under the Agreement and any modifications thereto,
<br />less the amount previously properly paid by the City to the Principal
<br />Surety expressly agrees that the City may refect any contractor or subcontractor which may be proposed by
<br />Surety in fulfillment of its obligations In the event of default by the Principal
<br /><� ORIGINAL
<br />QOL05242018KG — State Street TrenchlCondult Installation Protect
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