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RETAIFk AGE BOND
<br />Bond No. 0238247
<br />KNOW ALL MEN BY THESE PRESENTS, that Burton Construction Inc., a corporation organized under the
<br />laws of the State of WA, and registered to do business in the State of Washington as a contractor, as
<br />Principal, and Berkley Insurance Company, a corporation organized under the laws of the State of
<br />Delaware and registered to transact business in the in the State of Washington as surety, as Surety, their
<br />heirs, executors, administrators, successors and assigns, are jointly and severally held and bound to the
<br />City of Everett, Washington, hereinafter called "City", and are similarly held and bound unto the
<br />beneficiaries of the trust fund created by RCW Chapter 60.28, in the sum of One Hundred Thousand and
<br />00/100's Dollars ($100,000.00), the payment of which, well and truly to be paid, we bind ourselves, our
<br />heirs, executors and successors, jointly and severally, formally by these presents.
<br />THE CONDITIONS OF THE ABOVE OBLIGATION ARE THAT:
<br />WHEREAS, on 1 k 1 N (,2_O24 , the Principal executed a contract (the "Contract") with the City
<br />known as:
<br />Project Number and Name: RFP 2021-022 JOB ORDER CONTRACTING FOR GENERAL CONSTRUCTION
<br />SERVICES
<br />And,
<br />WHEREAS, said Contract and RCW Chapter 60.28 require the City to withhold from monies earned by the
<br />Principal during the progress of the construction, hereinafter referred to as "earned retained funds", and
<br />WHEREAS, the Principal requested that the City release earned retained funds, as allowed under RCW
<br />Chapter. 60.28;
<br />NOW, THEREFORE, the condition of this obligation is such that the Surety is held and bound to the City to
<br />indemnify, defend and hold the City harmless from any and all loss, costs or damages that the City may
<br />sustain by reason of release of said earned retained funds to Principal, then this obligation to be null and
<br />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 provided by applicable
<br />law. The bond shall be subject to all claims and liens provided for by law or Contract against the
<br />earned retained funds and in the same manner and priority as set forth for retained percentages in
<br />RCW Chapter 60.28 and the Contract.
<br />The Surety hereby consents to and waives notice of any extension in the time for performance of the
<br />Contract, assignment of obligations under the Contract, or Contract alteration, termination,
<br />amendment or change order.
<br />3. Until written release of this obligation by the City, this bond may not be terminated or canceled by
<br />the Principal or Surety for any reason. Any extension of time for the Principal's performance on the
<br />Contract, assignment of obligations under the Contract, or Contract alteration, amendment or change
<br />order shall not release the Surety from its obligation under this bond.
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