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RETAINAGE 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 (2-02-1 , 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 /> 2. 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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