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PAYMENT BOND
<br /> Bond No. SURU2210001601
<br /> The City of Everett has awarded to Specialized Pavement Marking,LLC (Principal),a contract for the construction of the project designated
<br /> as 2023 Citywide Pavement Markings, Project No.2023-028, in Everett,Washington(Contract),and said Principal is required under the
<br /> terms of that Contract to furnish a payment bond in accord with Title 39.08 Revised Code of Washington (RCW)and(where applicable)
<br /> 60.28 RCW.
<br /> The Principal,and Ascot Surety&Casualty Company (Surety),a corporation organized under the laws of the State of
<br /> Colorado and licensed to do business in the State of Washington as surety and named in the current list of"Surety
<br /> Companies Acceptable in Federal Bonds"as published in the Federal Register by the Audit Staff Bureau of Accounts, U.S.Treasury Dept.,
<br /> are jointly and severally held and firmly bound to the City of Everett in the sum of
<br /> Two Hundred Eleven Thousand Nine Hundred Ninety Four and 00/100 US Dollars($ 211,994.00 ),which is the Contract Price,subject
<br /> to the provisions herein.
<br /> This statutory payment bond shall become null and void if and when the Principal,its heirs,executors,administrators,successors,or
<br /> assigns shall pay all persons in accordance with RCW Titles 39.08 and 39.12,including all workers, laborers, mechanics,subcontractors,
<br /> and material suppliers, and all persons who shall supply such contractor or subcontractor with provisions and supplies for the carrying
<br /> on of such work,and all taxes incurred on said Contract under Title 50 and 51 RCW and all taxes imposed on the Principal under Title 82
<br /> RCW;and if such payment obligations have not been fulfilled,this bond shall remain in full force and effect.
<br /> The Surety agrees to indemnify,defend,and protect the City of Everett against any claim of direct or indirect loss resulting from the
<br /> failure of the Principal, its heirs,executors,administrators,successors,or assigns(or the subcontractors or lower-tier subcontractors of
<br /> the Principal)to pay all laborers, mechanics,subcontractors, lower-tier subcontractors material persons,and all persons who shall
<br /> supply such contractor or subcontractors with provisions and supplies for the carrying on of such work.
<br /> The Surety for value received agrees that no change,extension of time,alteration,or addition to the terms of the Contract,the
<br /> specifications accompanying the Contract,or to the work to be performed under the Contract shall in any way affect its obligation on
<br /> this bond,except as provided herein and waives notice of any change,extension of time,alteration or addition to the terms of the
<br /> Contract or the work performed.The Surety agrees that modifications and changes to the terms and conditions of the Contract that
<br /> increase the total amount to be paid the Principal shall automatically increase the obligation of the Surety on this bond,and notice to
<br /> Surety is not required for such increased obligation.
<br /> This bond may be executed in two(2)original counterparts and shall be signed by the parties'duly authorized officers.This bond will
<br /> 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.
<br /> The Surety agrees to be bound by the laws of the state of Washington and subjected to the jurisdiction of the state of Washington.
<br /> Signed and Sealed this 18th day of May, 2023.
<br /> PRINCIPAL Specialized Pavement Marking, LLC SURETY Ascot Surety&Casualty Company
<br /> By:
<br /> Printed Name: Mall/ fri f)V I(L Printed Name: Nick Patella —
<br /> Title:___ I"b �1 L Leo' `T Title: Attorney-In-Fact
<br /> j Local Office/Agent of Surety:
<br /> STANDARD BOND FORM Name: Lockton Companies
<br /> OFFICE OF THE CITY ATTORNEY
<br /> APPROVED AS TO FORM Address: 3657 Briarpark Dr.,Ste.700,Houston,TX 77042
<br /> APPROVED AS TO CITY CHARTER§4.1
<br /> Phone Number: 713-458-5200
<br /> Email: npatetta@lockton.com
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