2022/10/26 Council Agenda Packet

Bond No.: PERFORMANCE BOND The City of Everett has awarded to (Principal), a contract for the construction of the project designated as Landscape Maintenance Services, Contract 2022-074, in Everett, Washington (Contract), and said Principal is required to furnish a bond for performance of all obligations under the Contract. The Principal, and (Surety), a corporation organized under the laws of the State of and licensed to do business in the State of Washington as surety and named in the current list of "Surety Companies Acceptable in Federal Bonds" as published in the Federal Register by the Audit Staff Bureau of Accounts, U.S. Treasury Dept., are jointly and severally held and firmly bound to the City of Everett in the sum of US Dollars ($ ), which is the Contract Price, subject to the provisions herein. This statutory performance bond shall become null and void if and when the Principal, its heirs, executors, administrators, successors, or assigns shall well and faithfully perform all of the Principal's obligations under the Contract and fulfill all the terms and conditions of all duly authorized modifications, additions, and changes to said Contract that may hereafter be made, at the time and in the manner therein specified; and if such performance obligations have not been fulfilled, this bond shall remain in full force and effect. The Surety agrees to indemnify, defend, and protect the City of Everett against any claim of direct or indirect loss resulting from the failure of the Principal, its heirs, executors, administrators, successors, or assigns (or any of the employees, subcontractors, or lower - tier subcontractors of the Principal) to faithfully perform the Contract. The Surety for value received agrees that no change, extension of time, alteration, or addition to the terms of the Contract, the specifications accompanying the Contract, or to the work to be performed under the Contract shall in any way affect its obligation on this bond, and waives notice of any change, extension of time, alteration or addition to the terms of the Contract or the work performed. The Surety agrees that modifications and changes to the terms and conditions of the Contract that increase the total amount to be paid the Principal shall automatically increase the obligation of the Surety on this bond, and notice to Surety is not required for such increased obligation. This bond may be executed in two (2) original counterparts and shall be signed by the parties' duly authorized officers. This bond will only be accepted if it is accompanied by a fully executed and original power of attorney for the officer executing on behalf of the surety. The Surety agrees to be bound by the laws of the state of Washington and subjected to the jurisdiction of the state of Washington. PRINCIPAL Printed Name: Title: SURETY Printed Name: Title: Name, address, and telephone number of local office/agent of Surety is: PERFORMANCE BOND APPROVED BY CITY OF EVERETT, WASHINGTON By: Date: ATTEST: Cassie Franklin, Mayor Office of the City Clerk Date: STANDARD DOCUMENT APPROVED AS TO FORM: OFFICE OF THE CITY ATTORNEY (2.24.22) Page 33 of 38