American Process Group 3/30/2022

I City of Everett 00 6123 - 2 2022 Biosolids Removal and Disposal UT 3752-30 I WHEREAS, the Principal requested that the City accept a retainage bond and release earned retained funds to Principal, as allowed under RCW Chapter 60.28; and I NOW, THEREFORE, the condition of this obligation is such that the Surety is held and bound to the City to indemnify, defend and hold the City harmless from any and all loss, I costs or damages that the City may sustain by reason of release of said earned retained funds to Principal, then this obligation to be null and void, otherwise to remain in full force and effect. 1 PROVIDED, HOWEVER, it is expressly understood and agreed that: 1. Any suit or action under this bond must be instituted within the time period, if any, provided by applicable law. The bond shall be subject to all claims and liens I provided for by law or Contract against the earned retained funds and in the same manner and priority as set forth for retained percentages in RCW Chapter 60.28 and the Contract. I 2. The Surety hereby consents to and waives notice of any extension in the time for performance of the Contract, assignment of obligations under the Contract, or I Contract alteration, termination, amendment or change order. This expressly includes, but is not limited to, consent to and waiver of any notice with respect to increases in the Contract price by change order. Upon any such Contract price increase, the amount of this bond automatically increases by an amount equal to 5% of Contract price increase. 3. Until written release of this obligation by the City, this bond may not be I terminated or canceled by the Principal or Surety for any reason. Any extension of time for the Principal's performance on the Contract, assignment of obligations under the 1 Contract, or Contract alteration, amendment or change order shall not release the Surety from its obligation under this bond. 4. RCW Chapter 60.28 authorizes the City to substitute a retainage bond in lieu of earned retained funds and the Surety hereby waives any defense that this bond is void or otherwise not authorized by law. 5, Any claim or suit against the City to foreclose the liens provided for by RCW I Chapter 60.28 shall be effective against the Principal and Surety and any judgment under RCW Chapter 60.28 against the City shall be conclusive against the Principal and the Surety. I 6. The laws of the State of Washington shall apply to the determination of the rights and obligations of the parties hereunder. Venue for any dispute or claim I hereunder shall be the state courts of Washington in Snohomish County, Washington. 00 6123 - 2 NEW RETAINAGE BOND I