|
Bond No.
<br />RETAINAGE BOND
<br />KNOW ALL MEN BY THESE PRESENTS, that , a corporation organized under the laws of the
<br />State of , and registered to do business in the State of Washington as a contractor, as Principal,
<br />and , a corporation organized under the laws of the State of
<br />and registered to transact business in the State of Washington as Surety, their heirs,
<br />executors, administrators, successors and assigns, are jointly and severally held and bound to the City of Everett,
<br />Washington, hereinafter called "City", and are similarly held and bound unto the beneficiaries of the trust fund created
<br />by RCW Chapter 60.28, in the sum of Dollars ($ ) plus five (5%)
<br />percent of any increases that may occur under the Contract (as defined below), the payment of which, well and truly to
<br />be paid, we bind ourselves, our heirs, executors and successors, jointly and severally, formally by these presents.
<br />THE CONDITIONS OF THE ABOVE OBLIGATION ARE THAT:
<br />WHEREAS, on , the Principal executed a contract (the "Contract") with the City known as:
<br />CONTRACT NUMBER 2022-074
<br />PROJECT NAME: LANDSCAPE MAINTENANCE SERVICES
<br />WHEREAS, said Contract and RCW Chapter 60.28 require the City to withhold from monies earned by the Principal
<br />during the progress of the construction, hereinafter referred to as "earned retained funds";
<br />WHEREAS, the Principal requested that the City accept a retainage bond and release earned retained funds to Principal,
<br />as allowed under RCW Chapter 60.28; and
<br />Q`
<br />NOW, THEREFORE, the condition of this obligation is such that the Surety is held and bound to the City to indemnify,
<br />defend and hold the City harmless from any and all loss, costs or damages that the City may sustain by reason of release
<br />of said earned retained funds to Principal, then this obligation to be null and void, otherwise to remain in full force and
<br />effect.
<br />PROVIDED, HOWEVER, it is expressly understood and agreed that:
<br />1. Any suit or action under this bond must be instituted within the time period, if any, provided by
<br />applicable law. The bond shall be subject to all claims and liens provided for by law or Contract against the earned
<br />retained funds and in the same manner and priority as set forth for retained percentages in RCW Chapter 60.28 and the
<br />Contract.
<br />2. The Surety hereby consents to and waives notice of any extension in the time for performance of the
<br />Contract, assignment of obligations under the Contract, or Contract alteration, termination, amendment or change
<br />order. This expressly includes, but is not limited to, consent to and waiver of any notice with respect to increases in the
<br />Contract price by change order. Upon any such Contract price increase, the amount of this bond automatically increases
<br />by an amount equal to 5% of Contract price increase.
<br />3. Until written release of this obligation by the City, this bond may not be terminated or canceled by the
<br />Principal or Surety for any reason. Any extension of time for the Principal's performance on the Contract, assignment of
<br />Page 34 of 38
<br />
|