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<br /> RETAINAGE BOND
<br /> Bond No. WA 101462
<br /> Total Landscape
<br /> KNOW ALL MEN BY THESE PRESENTS,that Corporation ,a corporation organized under the laws of the
<br /> State of Washington ,and registered to do business in the State of Washington as a contractor, as Principal,
<br /> Mercnants Bonding Company
<br /> and(Mutual) ,a corporation organized under the laws of the State of
<br /> Iowa 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 Ten Thousand Three Hundred Thirty and 77/100 Dollars($_10,330.77 _) 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 01/01/2023 ,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 /> 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
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