2021/10/13 Council Agenda Packet

PAYMENT BOND Bond No. 023219182 The City of Everett has awarded toForma Construction Company(principal), a contract for the construction of the project designated as Job Order Contracting for General Construction Services, Project No. 2021-022, in Everett, Washington (Contract), and said Principal is required under the terms of that Contract to furnish a payment bond in accord with Title 39.08 Revised Code of Washington (RCW) and (where applicable) 60.28 RCW. *Year 1 The Principal, and Liberty Mutual Insurance Company (Surety), a corporation organized under the laws of the State of Massachusetts and licensed to do business in the State of Washington as surety and named in the current list of "Surety Companies Acceptable in Federal Bonds" as published in the Federal Register by the Audit Staff Bureau of Accounts, U.S. Treasury Dept., are jointly and severally held and firmly bound to the City of Everett in the sum of Three Million and No/100 US Dollars ($ 3,000,000.00 ) Total Contract Amount, subject to the provisions herein. This statutory payment bond shall become null and void, if and when the Principal, its heirs, executors, administrators, successors, or assigns shall pay all persons in accordance with RCW Titles 39.08 and 39.12 including all workers, laborers, mechanics, subcontractors, and material suppliers, and all persons who shall supply such contractor or subcontractor with provisions and supplies for the carrying on of such work; and if such payment obligations have not been fulfilled, this bond shall remain in full force and effect. The Surety for value received agrees that no change, extension of time, alteration or addition to the terms of the Contract, the specifications accompanying the Contract, or to the work to be performed under the Contract shall in any way affect its obligation on this bond, except as provided herein, and waives notice of any change, extension of time, alteration or addition to the ter ms of the Contract or the work performed. The Surety agrees that modifications and changes to the terms and conditions of the Contract that increase the total amount to be paid the Principal shall automatically increase the obligation of the Surety on this bond and notice to Surety is not required for such increased obligation. This bond may be executed in two (2) original counterparts, and shall be signed by the parties' duly authorized officers. This bond will only be accepted if it is accompanied by a fully executed and original power of attorney for the officer executing on behalf of the surety. PRINCIPAL Forma Construction Company SURETY Printed Name: PR.TAN RTCH Title: VICE PRESIDENT y Mutual Insurance Company tut) Printed Name: Holli Albers Title: Attorney -in -Fact Name, address, and telephone number of local office/agent of Surety is: Propel Insurance 1201 Pacific Ave., Suite 1000, Tacoma, WA 98402 253-759-2200 PAYMENT BOND APPROVED BY CITY OF EVERETT, WASHINGTON By: ATTEST: Cassie Franklin, Mayor Sharon Fuller, City Clerk Date: Date: APPROVED AS TO FORM: City Attorney Date: