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Bond No. 2360373/ SPA150329066
<br />ORIGINAL ISSUED IN TRIPLICATE Premium: $5,018.00
<br />Subject to Change Based
<br />on the Final Contract Price.
<br />FAITHFUL PERFORMANCE BOND
<br />Whereas, the City of Redlands ("City"), State of California, and Onyx Paving Company,
<br />Inc. (hereinafter designated as "Principal") have entered into an agreement dated March 4, 2025
<br />("Agreement") whereby Principal agrees to install and complete certain public improvements (the
<br />"Work"), which said Agreement is identified as 2025 Citywide Pavement Repair for Water Utilities
<br />and is hereby referred to and made a part hereof; and
<br />Whereas, said Principal is required under the terms of the Agreement to furnish a bond for
<br />the faithful performance of the Work, now, therefore, we, the Principal and,
<br />Swiss Re Corporate Solutions Amence Insurance Corporation
<br />& SnusPoint Amence leauranm Company , as Surety, are held and firmly bound unto the City in the penal
<br />sum of six hundred sixty-nine thousand dollars ($669,000) lawful money of the United States, for
<br />the payment of which sum we bind ourselves, and our heirs, successors, executors and
<br />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,
<br />executors, administrators, successors or assigns, shall in all things stand to and abide by, and well
<br />and truly keep and perform the covenants, conditions and provisions in the Agreement and any
<br />alteration thereof made as therein provided, on his or its part, to be kept and performed at the time
<br />and in the manner therein specified, and in all respects according to their true intent and meaning,
<br />and shall faithfully fulfill the one-year guarantee of all materials and workmanship, and shall
<br />defend, indemnify and save harmless the City and its elected officials, officers, agents and
<br />employees, as therein stipulated, then this obligation shall become null and void; otherwise it shall
<br />be and remain in full force and effect.
<br />As a part of the obligation secured hereby and in addition to the face amount specified
<br />therefor, there shall be included costs and reasonable expenses and fees, including reasonable
<br />attorneys' fees, incurred by the City in successfully enforcing such obligations, all to be taxed as
<br />costs and included in the judgment rendered.
<br />As a condition precedent to the satisfactory completion of the Work, the above obligation
<br />shall hold good for a period of one (1) year or longer if required by the Agreement after the
<br />acceptance of the work by the City, during which time if the Principal shall fail to make full,
<br />complete, and satisfactory repair and replacements and totally protect the City from loss or damage
<br />made evident during this period from the date of completion of the Work, and resulting from or
<br />caused by defective materials or faulty workmanship, the above obligation in penal sum thereof
<br />shall remain in full force and effect. The obligations of Surety hereunder shall continue so long as
<br />any obligation of the Principal remains.
<br />Whenever the Principal shall be, and is declared by the City to be, in default under the
<br />Agreement, the City having performed the City obligations thereunder, the Surety shall promptly
<br />remedy the default, or shall promptly, at the City's option:
<br />1. Complete the Work in accordance with its terms and conditions; or
<br />2. Obtain a bid or bids for completing the Work in accordance with its terms and
<br />conditions, and upon determination by Surety of the lowest responsive and responsible bidder,
<br />arrange for a contract between such bidder and the City, and make available as work progresses
<br />sufficient funds to pay the cost of completion of the Work less the balance of the Agreement price,
<br />but not exceeding, including other costs and damages for which Surety may be liable hereunder, the
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<br />C\cmo\Agrcetncnts\onyx_Paving Public Work Conhuct FY25-0034.doc-jm
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