D.K. Systems Inc. 10/25/2022 - Laserfiche WebLink

RETAINAGE BOND Bond No. LSM1356210 KNOW ALL MEN BY THESE PRESENTS,that D.K. Systems, Inc. ,a corporation organized under the laws of the State of Washington ,and registered to do business in the State of Washington as a contractor,as Principal,and RLI Insurance Company ,a corporation organized under the laws of the State of Illinois and registered to transact business in the State of Washington as Surety, their heirs,executors,administrators,successors and assigns,are jointly and severally held and bound to the City of Everett,Washington, hereinafter called "City",and are similarly held and bound unto the beneficiaries of the trust fund created by RCW Chapter 60.28, in the sum of Ten Thousand and 00/100 Dollars ($ 10,000.00 )plus five(5%)percent of any increases that may occur under the Contract(as defined below), the payment of which,well and truly to be paid,we bind ourselves,our heirs,executors and successors,jointly and severally,formally by these presents. THE CONDITIONS OF THE ABOVE OBLIGATION ARE THAT: WHEREAS,on 10-12-2022 the Principal executed a contract(the"Contract")with the City known as: CONTRACT NUMBER:2022-047 PROJECT NAME:UNIT PRICE HVAC SERVICES AND REPAIRS WHEREAS,said Contract and RCW Chapter 60.28 require the City to withhold from monies earned by the Principal during the progress of the construction, hereinafter referred to as"earned retained funds"; WHEREAS,the Principal requested that the City accept a retainage bond and release earned retained funds to Principal,as allowed under RCW Chapter 60.28;and NOW,THEREFORE,the condition of this obligation is such that the Surety is held and bound to the City to indemnify,defend and hold the City harmless from any and all loss,costs or damages that the City may sustain by reason of release of said earned retained funds to Principal,then this obligation to be null and void, otherwise to remain in full force and effect. PROVIDED, HOWEVER, it is expressly understood and agreed that: 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 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 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 Page 39 of 43