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. i <br /> to increases in the Contract price by change order. Upon any such Contract price increase,the amount of this <br /> bond automatically increases by an amount equal to 5%of Contract price increase. <br /> 3. Until written release of this obligation by the City,this bond may not be terminated or canceled <br /> by the Principal or Surety for any reason. Any extension of time for the Principal's performance on the Contract, <br /> assignment of obligations under the Contract,or Contract alteration,amendment or change order shall not <br /> release the Surety from its obligation under this bond. <br /> 4. RCW Chapter 60.28 authorizes the City to substitute a retainage bond in lieu of earned retained <br /> funds and the Surety hereby waives any defense that this bond is void or otherwise not authorized by law. <br /> 5. Any claim or suit against the City to foreclose the liens provided for by RCW Chapter 60.28 shall <br /> be effective against the Principal and Surety and any judgment under RCW Chapter 60.28 against the City shall <br /> be conclusive against the Principal and the Surety. <br /> 6. The laws of the State of Washington shall apply to the determination of the rights and <br /> obligations of the parties hereunder. Venue for any dispute or claim hereunder shall be the state courts of <br /> Washington in Snohomish County,Washington. <br /> SIGNED AND SEALED THIS /0 of AY/0 U. ,2021. <br /> TRAVELERS CASUALTY AND SURETY COMPANY <br /> OF AMERICA <br /> BALLARD MARINE CONSTRUCTION,LLC <br /> Principal <br /> Surety <br /> BY:2<4 <br /> By; V\NA.-16k--41jt....*—CLt4 <br /> Typed/Printed Name: Salena Wood <br /> Typed/Printed Name: Me.1ax e.t A,,14) <br /> Title: Attorney-In-Fact <br /> Title: / 02.C, <br />