McClure & Sons Inc. 4/18/2022 - Laserfiche WebLink

I Section 00 6123 NEW RETAINAGE BOND I I PROVIDED, HOWEVER, it is expressly understood and agreed that: I 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 provided for by law or Contract against the earned retained funds and in the same manner and priority as set forth I I for retained percentages in RCW Chapter 60.28 and the Contract. 2. The Surety hereby consents to and waives notice of any extension in the time for I I performance of the Contract, assignment of obligations under the Contract, or 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 I 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 terminated or Icanceled by the Principal or Surety for any reason. Any extension of time for the Principal's I performance on the Contract, assignment of obligations under the Contract, or Contract alteration, amendment or change order shall not release the Surety from its obligation under this I bond. 4. RCW Chapter 60.28 authorizes the City to substitute a retainage bond in lieu of Iearned retained funds and the Surety hereby waives any defense that this bond is void or I otherwise not authorized by law. I 5. Any claim or suit against the City to foreclose the liens provided for by RCW Chapter I 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. I6. The laws of the State of Washington shall apply to the determination of the rights and I obligations of the parties hereunder. Venue for any dispute or claim hereunder shall be the Istate courts of Washington in Snohomish County, Washington. I SIGNED AND SEALED THIS 4th of April , 20 22. I � I ITravelers Casualty and Surety Company of America McC1ur d Sons,Inc. I Surety Prin pal I By: • ,-T----. _______ 1 I 7ypediPrint�d Name: Typed/Printed Name: I Travis Long Les McClure Title: • Title: IAttorney-in-Fact President _ ' City of Everett 00 61 23 2 January 2022 Evergreen Pump Station Modifications UP3747-3