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I , - . <br /> 1 <br /> I SECTION 00 61 23 <br /> NEW RETAINAGE BOND <br /> IBOND NO. 107598496 <br /> RETAINAGE BOND <br /> I KNOW ALL MEN BY THESE PRESENTS, that McClure and Sons,Inc. , a corporation <br /> organized under the laws of the State of Washington , and registered to do <br /> business in the State of Washington as a contractor, as Principal, and <br /> I Travelers Casualty and Surety <br /> Company of America , a corporation organized under the laws of the State of <br /> Connecticut and registered to transact business in the State of <br /> Washington as Surety, their heirs, executors, administrators, successors and assigns, are jointly <br /> I and severally held and bound to the City of Everett, Washington, hereinafter called "City", and <br /> are similarly held and bound unto the beneficiaries of the trust fund created by RCW Chapter <br /> 60.28, in the sum of--Two Hundred Twenty-One Thousand Four Hundred Fifty-Five and05/100--Dollars ($ 221,455.05 ) plus five <br /> I <br /> (5%) percent of any increases that may occur under the Contract(as defined below), the <br /> payment of which, well and truly to be paid, we bind ourselves, our heirs, executors and <br /> I successors,jointly and severally, formally by these presents. <br /> THE CONDITIONS OF THE ABOVE OBLIGATION ARE THAT: <br /> WHEREAS, on March 30,2022 , the Principal executed a contract (the <br /> "Contract") with the City known as: <br /> I PROJECT NAME: EVERGREEN PUMP STATION MODIFICATIONS PROJECT <br /> 1 <br /> CONTRACT NUMBER: UP 3747-3 <br /> I • <br /> WHEREAS, said Contract and RCW Chapter 60.28 require the City to withhold from monies <br /> earned by the Principal during the progress of the construction, hereinafter referred to as <br /> I "earned retained funds". <br /> WHEREAS, the Principal requested that the City accept a retainage bond and release earned <br /> I 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 bound to <br /> the City to indemnify, defend and hold the City harmless from any and all loss, costs or <br /> Idamages that the City may sustain by reason of release of said earned retained funds to <br /> Principal, then this obligation to be null and void, otherwise to remain in full force and effect. <br /> 1 City of Everett 00 61 23-1 January 2022 <br /> Evergreen Pump Station Modifications <br /> IUP3747-3 <br />