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City of Everett 00 61 23 - 1 7 <br /> Fire Administration Building Tenant Improvements 18-1080 <br /> SECTION 00 61 23 - RETAINAGE BOND <br /> BOND NO. <br /> RETAINAGE BOND <br /> KNOW ALL MEN BY THESE PRESENTS,that , a corporation organized under <br /> the laws of the State of ,and registered to do business in the State of <br /> Washington as a contractor, as Principal, and , a corporation organized <br /> under the laws of the State of and registered to transact business in <br /> the State of Washington as Surety,their heirs, executors, administrators, successors and assigns, are <br /> jointly and severally held and bound to the City of Everett,Washington, hereinafter called "City", and <br /> are similarly held and bound unto the beneficiaries of the trust fund created by RCW Chapter 60.28, in <br /> the sum of Dollars ($ )plus five (5%) percent of any <br /> increases that may occur under the Contract(as defined below),the payment of which,well and truly to <br /> be paid,we bind ourselves, our heirs, executors and successors,jointly and severally,formally by these <br /> presents. <br /> THE CONDITIONS OF THE ABOVE OBLIGATION ARE THAT: <br /> WHEREAS,on ,the Principal executed a contract (the "Contract") <br /> with the City known as: <br /> PROJECT NAME: FIRE ADMINISTRATION BUILDING TENANT IMPROVEMENTS <br /> CONTRACT NUMBER: 18-1080 <br /> WHEREAS, said Contract and RCW Chapter 60.28 require the City to withhold from monies earned by <br /> the Principal during the progress of the construction, hereinafter referred to as"earned retained funds"; <br /> WHEREAS,the Principal requested that the City accept a retainage bond and release earned retained <br /> funds to Principal, as allowed under RCW Chapter 60.28; and <br /> NOW,THEREFORE,the condition of this obligation is such that the Surety is held and bound to the City <br /> to indemnify, defend and hold the City harmless from any and all loss,costs or damages that the City <br /> may sustain by reason of release of said earned retained funds to Principal,then this obligation to be <br /> null and void, otherwise to remain in full force and effect. <br /> PROVIDED, HOWEVER, it is expressly understood and agreed that: <br /> 1. Any suit or action under this bond must be instituted within the time period, if any, provided <br /> by applicable law. The bond shall be subject to all claims and liens provided for by law or Contract <br /> 00 61 23 - 1 (Revision A (5/7/19) RETAINAGE BOND <br />