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I City of Everett 00 61 13 - 3
<br /> Police Firing Range Bullet Trap Replacement
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<br /> Bond No.800124782 PAYMENT BOND
<br /> The City of Everett has awarded to Action Target, Inc. (Principal), a contract for the construction of
<br /> I the project designated as Police Firing Range Bullet Trap Replacement, in Everett, Washington (Contract), and
<br /> said Principal is required under the terms of that Contract to furnish a payment bond in accord with Title 39.08
<br /> Revised Code of Washington(RCW)and(where applicable)60.28 RCW.
<br /> The Principal, and Atlantic Specialty Insurance Company _(Surety),a corporation organized under the
<br /> laws of the State of and licensed to do business in the State of Washington as surety
<br /> and named in the current list of"Surety Companies Acceptable in Federal Bonds"as published in the Federal
<br /> IRegister by the Audit Staff Bureau of Accounts, U.S.Treasury Dept., are jointly and severally held and firmly
<br /> bound to the City of Everett in the sum ofFour Hundred Seventy Seven Thousand Five Hundred Sixteen US Dollars
<br /> ($ 477,516.00 )Total Contract Amount, subject to the provisions herein.
<br /> I This statutory payment bond shall become null and void, if and when the Principal, its heirs,executors,
<br /> administrators, successors, or assigns shall pay all persons in accordance with RCW Titles 39.08 and 39.12
<br /> including all workers, laborers, mechanics,subcontractors, and material suppliers, and all persons who shall
<br /> supply such contractor or subcontractor with provisions and supplies for the carrying on of such work and shall
<br /> I pay the taxes, increases, and penalties incurred on the project; and if such payment obligations have not been
<br /> fulfilled,this bond shall remain in full force and effect.
<br /> The Surety agrees to indemnify, defend, and protect the City of Everett against any claim of direct or indirect loss
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<br /> resulting from the failure of the Principal, its heirs,executors, administrators,successors, or assigns, (or the
<br /> subcontractors or lower tier subcontractors of the Principal)to pay all laborers, mechanics, subcontractors, lower
<br /> tier subcontractors material, persons, and all persons who shall supply such contractor or subcontractors with
<br /> Iprovisions 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
<br /> Contract,the specifications accompanying the Contract, or to the work to be performed under the Contract shall in
<br /> I any way affect its obligation on this bond, and waives notice of any change,extension of time, alteration or
<br /> addition to the terms of the Contract or the work performed.The Surety agrees that modifications and changes to
<br /> the terms and conditions of the Contract that increase the total amount to be paid the Principal shall automatically
<br /> increase the obligation of the Surety on this bond and notice to Surety is not required for such increased
<br /> Iobligation.
<br /> This bond may be executed in two(2) original counterparts, and shall be signed by the parties' duly authorized
<br /> Iofficers. This bond will only be accepted if it is accompanied by a fully executed and original power of attorney for
<br /> the officer executing on behalf of the surety. The Surety agrees to be bound by the laws of the state of
<br /> Washington and subjected to the jurisdiction of the state of Washington.
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<br /> PRINCIPAL SURETY
<br /> Action Target,Inc. 7 Atlantic Specialty Insura ompany
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<br /> Printed Nam
<br /> ` . Pr _ e:
<br /> Title: �1:�7�\ W�9��) L� Title:Judy Parry Atto -In-Fact
<br /> IName, address, and telephone number of local office/agent of Surety is:
<br /> Moreton&Company
<br /> 101 S.200 East Suite 300
<br /> Salt Lake City,Utah 84111
<br /> ' 00 6 - 3 PERFORMANCE BOND AND PAYMENT BOND
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