McClure and Sons Inc. 5/18/2023 - Laserfiche WebLink

' SECTION 00 61 23 NEW RETAINAGE BOND BOND NO. 107796332 ' RETAINAGE BOND KNOW ALL MEN BY THESE PRESENTS, that McClure and Sons,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 Travelers Casualty and Surety Company of America, a corporation organized under the laws of the State of Connecticut 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 beneficiardred I hesiee Tof the housand ttveHust fund byundted Thirty-Five and Dollars ($h Chapter 08, in the lus five ofOne (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: ' WPCF TFI Bar Screen Upgrades WHEREAS, on April 12,2023 , the Principal executed a contract Project,UP3770 (the "Contract") with the City known as: PROJECT NAME: WPCF TFI BAR SCREEN UPGRADES PROJECT CONTRACT NUMBER: UP3770 ' 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. City of Everett 00 61 23-1 February 2023 WPCF TFI Bar Screen Upgrades UP3770