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RETAINAGE BOND <br /> Bond No. 107464481 <br /> BALLARD MARINE CONSTRUCTION, LLC <br /> KNOW ALL MEN BY THESE PRESENTS,that ,a corporation organized under the <br /> laws of the State of Washington ,and registered to do business in the State of Washington as a <br /> contractor,as Principal,and TRAVELERS CASUALTYAuyjag AME ,a corporation organized under the laws of the State <br /> of Connecticut and registered to transact business in the State of Washington as Surety, <br /> their 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 beneficiaries of <br /> the trust fund created by RCW Chapter 60.28, in the sum of Five Thousand Three Hundred Sixty Eight&78/100 Dollars <br /> ($ 5,368.78 ) plus five(5%) percent of any increases that may occur under the Contract(as defined below), <br /> the payment of which,well and truly to be paid,we bind ourselves,our heirs,executors and successors,jointly <br /> and severally,formally by these presents. <br /> THE CONDITIONS <br /> OF THE ABOVE OBLIGATION ARE THAT: <br /> WHEREAS,onV• i ti aoa ,the Principal executed a contract(the"Contract")with the City known <br /> as: <br /> CONTRACT NUMBER 2021-052 <br /> PROJECT NAME ON-CALL COMMERCIAL DIVING SERVICES <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"; <br /> WHEREAS,the Principal requested that the City accept a retainage bond and release earned retained funds to <br /> 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 to <br /> indemnify,defend and hold the City harmless from any and all loss, costs or damages that the City may sustain <br /> by reason of release of said earned retained funds to Principal,then this obligation to be null and void, <br /> 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 by <br /> applicable 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 RCW <br /> Chapter 60.28 and the Contract. <br /> 2. The Surety hereby consents to and waives notice of any extension in the time for performance <br /> of the Contract,assignment of obligations under the Contract,or Contract alteration,termination, amendment <br /> or change order. This expressly includes, but is not limited to, consent to and waiver of any notice with respect <br />