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City of Everett 00 72 00 - 42 <br /> 1 <br /> 1. Retained in a fund by the Owner,or <br /> 2. Deposited by the Owner in an escrow(interest-bearing)account in a bank, mutual saving bank,or <br /> savings and loan association(interest on monies so retained shall be paid to the Contractor). <br /> Deposits are to be in the name of the Owner and may not be withdrawn without the Owner's <br /> written authorization. The Owner will issue a check representing the sum of the monies reserved, ' <br /> payable to the bank or trust company. Such check shall be converted into bonds and securities <br /> chosen by the Contractor as the interest accrues.Bank and Contractor will execute an escrow <br /> agreement in the form provided by Owner. <br /> 3. Released after submission of fully executed retainage bond in the form provided by Owner. <br /> The Contractor shall designate the option desired at the time the Contract is executed. If the Contractor ' <br /> chooses option 2(deposit in escrow account),Contractor agrees to assume full responsibility to pay all <br /> costs that may accrue from escrow services,brokerage charges or both,and further agrees to assume all <br /> risks in connection with the investment of the retained percentages in securities. The City may also,at its <br /> option,accept a bond in lieu of retainage. <br /> Retainage will be released when all of the following conditions are satisfied: <br /> 1. Sixty(60)days have elapsed following the completion of all Work specified in the Contract; and <br /> 2. The Contractor fulfilled all of all obligations of the Contractor under the Contract,including,but <br /> not limited to,the Contractor's furnishing all documentation required by Contract and law; and <br /> 3. A release has been obtained from the Washington State Department of Revenue; and <br /> 4. Affidavits of Wages Paid for the Contractor and all Subcontractors are on file with the Owner <br /> (RCW 39.12.040); and ' <br /> 5. A release has been obtained from the Washington State Department of Labor&Industries and the <br /> Washington State Employment Security Department; and <br /> 6. All claims,as provided by law,filed against the retainage have been resolved. In the event claims <br /> are filed and provided the conditions one through five are met,the Contractor will be paid the <br /> retained percentage less an amount sufficient to pay any such claims together with a sum <br /> determined by the Owner sufficient to pay the cost of claims and attorney's fees. <br /> 7. All other conditions required by law are satisfied. <br /> 10. NOTICE TO OWNER ' <br /> 10.1 WHEN NOTICE MUST BE GIVEN <br /> Whenever , <br /> 1. The Contractor disagrees with any requirement,direction,interpretation or determination by the <br /> Owner or Owner's Representative; <br /> 2. The Contractor knows, or should with the reasonable exercise of ordinary care know,of a <br /> differing site condition as provided in 11.DIFFERING SITE CONDITIONS; <br /> 3. The Contractor knows,or should with the reasonable exercise of ordinary care know,of any <br /> Delay or an event that may cause a Delay; <br /> 4. The Contractor believes, or with the reasonable exercise of ordinary care should believe, it is <br /> entitled to an adjustment of Contract Sum or Time,even if the total or exact amount or impact <br /> cannot yet be determined; <br /> 5. The Contractor believes it is required or directed to perform work that is outside the scope of the <br /> Contract Documents; or ' <br /> 00 72 00 - 42 GENERAL CONDITIONS <br />