|
PAYMENT BOND
<br /> Bond No. EACX4025716
<br /> The City of Everett has awarded to Specialized Pavement Marking, LLC (Principal), a contract for the construction of the project
<br /> designated as 2022 Citywide Pavement Markings,SWR No. 2022-037, in Everett,Washington (Contract), and said Principal is
<br /> required under the terms of that Contract to furnish a payment bond in accord with Title 39.08 Revised Code of Washington (RCW)
<br /> and (where applicable)60.28 RCW.
<br /> The Principal,and Endurance Assurance Corporation (Surety), a corporation organized under the laws of the State of
<br /> Delaware and licensed to do business in the State of Washington as surety and named in the current list of"Surety
<br /> Companies Acceptable in Federal Bonds"as published in the Federal Register by the Audit Staff Bureau of Accounts, U.S.Treasury
<br /> Dept., are jointly and severally held and firmly bound to the City of Everett in the sum of
<br /> Three Hundred Sixty One Thousand Eight Hundred Fifty one and 15/100 US Dollars($361,851.15 ),which is the Contract Price,
<br /> subject to the provisions herein.
<br /> This statutory payment bond shall become null and void if and when the Principal,its heirs,executors, administrators, successors, or
<br /> assigns shall pay all persons in accordance with RCW Titles 39.08 and 39.12, including all workers, laborers, mechanics,
<br /> subcontractors,and material suppliers,and all persons who shall supply such contractor or subcontractor with provisions and
<br /> supplies for the carrying on of such work, and all taxes incurred on said Contract under Title 50 and 51 RCW and all taxes imposed on
<br /> the Principal under Title 82 RCW; and if such payment obligations have not been fulfilled,this bond shall remain in full force and
<br /> effect.
<br /> The Surety agrees to indemnify,defend, and protect the City of Everett against any claim of direct or indirect loss resulting from the
<br /> failure of the Principal,its heirs, executors,administrators,successors, or assigns(or the subcontractors or lower-tier subcontractors
<br /> of the Principal)to pay all laborers, mechanics,subcontractors, lower-tier subcontractors material persons, and all persons who shall
<br /> supply such contractor or subcontractors with provisions and supplies for the carrying on of such work.
<br /> The Surety for value received agrees that no change, extension of time, alteration, or addition to the terms of the Contract,the
<br /> specifications accompanying the Contract,or to the work to be performed under the Contract shall in any way affect its obligation
<br /> on this bond,except as provided herein and waives notice of any change, extension of time, alteration or addition to the terms of
<br /> the Contract or the work performed.The Surety agrees that modifications and changes to the terms and conditions of the Contract
<br /> that increase the total amount to be paid the Principal shall automatically increase the obligation of the Surety on this bond,and
<br /> notice to Surety is not required for such increased obligation.
<br /> This bond may be executed in two(2)original counterparts and shall be signed by the parties'duly authorized officers.This bond will
<br /> only be accepted if it is accompanied by a fully executed and original power of attorney for the officer executing on behalf of the
<br /> surety. The Surety agrees to be bound by the laws of the state of Washington and subjected to the jurisdiction of the state of
<br /> Washington.Signed and sealed this 22nd day of June 2022.
<br /> Specialized Paveme king, LLC Endurance Assurance Corporation
<br /> PRINCIPAL SURETY
<br /> By: By:
<br /> Printed Na : Tyler Pierce Printed Name: Nicholas Patetta
<br /> Title: Division Manager Title: Attorney-In-Fact
<br /> Name,address,and telephone number of local office/agent of Surety is:
<br /> Lockton Companies, 3657 Briarpark Dr., Ste. 700, Houston, TX 77042-(713)458-5200
<br /> BOND APPROVED BY STANDARD DOCUMENT
<br /> CITY OF EVERETT, T _AZ TEST: APPROVED AS TO FORM:
<br /> By: / OFFICE OF THE CITY ATTORNEY
<br /> Cassie Franklin, ayor Office it Clerk7
<br /> Date: �— 7 2 Date: v (2.24.22)
<br />
|