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CITY OF EVERETT PUBLIC WORKS
<br /> RETAINAGE BOND
<br /> BOND NO. 30073644
<br /> KNOW ALL MEN BY THESE PRESENTS,that Allied Construction Associates Inc a corporation organized under
<br /> the laws of the State of Washington , and registered to do business in the State of
<br /> Washington as a contractor, as Principal, and Western Surety Company , a corporation organized
<br /> under the laws of the State of South Dakota 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 Forty-Nine Thousand Seven Hundred Forty-Nine and no cents Dollars ($ 49,749.00 )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 March31st,2021 ,the Principal executed a contract (the "Contract")with the City
<br /> known as:
<br /> PROJECT NAME SEI to SRI Intertie and SR08 Rehabilitation
<br /> CONTRACT NUMBER WO#UP3714
<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,
<br /> provided by applicable law. The bond shall be subject to all claims and liens provided for by law or
<br /> Contract against the earned retained funds and in the same manner and priority as set forth for retained
<br /> percentages in RCW Chapter 60.28 and the Contract.
<br /> 2. The Surety hereby consents to and waives notice of any extension in the time for
<br /> performance of the Contract, assignment of obligations under the Contract, or Contract alteration,
<br /> termination, amendment or change order. This expressly includes, but is not limited to, consent to and
<br /> waiver of any notice with respect to increases in the Contract price by change order. Upon any such
<br /> Contract price increase,the amount of this bond automatically increases by an amount equal to 5% of
<br /> Contract price increase.
<br /> 3. Until written release of this obligation by the City,this bond may not be terminated or
<br /> canceled by the Principal or Surety for any reason. Any extension of time for the Principal's
<br /> performance on the Contract, assignment of obligations under the Contract, or Contract alteration,
<br /> amendment or change order shall not release the Surety from its obligation under this bond.
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