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City of Everett 00 6123 - 2 <br /> 2022 Tulalip Water Pipeline Mortar Repair UT 3774 <br /> WHEREAS, the Principal requested that the City accept a retainage bond and release <br /> earned retained funds to 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 ' <br /> bound to the City to indemnify, defend and hold the City harmless from any and all loss, <br /> costs or damages that the City may sustain by reason of release of said earned retained <br /> funds to Principal, then this obligation to be null and void, otherwise to remain in full <br /> 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 <br /> any, provided by applicable law. The bond shall be subject to all claims and liens <br /> provided for by law or Contract against the earned retained funds and in the same <br /> manner and priority as set forth for retained percentages in RCW Chapter 60.28 and the <br /> Contract. <br /> 2. The Surety hereby consents to and waives notice of any extension in the time ' <br /> for performance of the Contract, assignment of obligations under the Contract, or <br /> Contract alteration, termination, amendment or change order. This expressly includes, <br /> but is not limited to, consent to and waiver of any notice with respect to increases in the <br /> Contract price by change order. Upon any such Contract price increase, the amount of <br /> this bond automatically increases by an amount equal to 5% of Contract price increase. 1 <br /> 3. Until written release of this obligation by the City, this bond may not be <br /> terminated or canceled by the Principal or Surety for any reason. Any extension of time <br /> for the Principal's performance on the Contract, assignment of obligations under the <br /> Contract, or Contract alteration, amendment or change order shall not release the <br /> Surety from its obligation under this bond. <br /> 4. RCW Chapter 60.28 authorizes the City to substitute a retainage bond in lieu <br /> of earned retained funds and the Surety hereby waives any defense that this bond is <br /> void or otherwise not authorized by law. <br /> 5. Any claim or suit against the City to foreclose the liens provided for by RCW <br /> Chapter 60.28 shall be effective against the Principal and Surety and any judgment <br /> under RCW Chapter 60.28 against the City shall be conclusive against the Principal and <br /> the Surety. <br /> 00 6123 - 2 NEW RETAINAGE BOND , <br /> 1 <br />