Ordinance 2325-98 - Laserfiche WebLink

#14P ORDINANCE NO. 2325-98 11011gd'2 AN ORDINANCE ESTABLISHING FORM OF RETAINAGE BOND PURSUANT TO RCW CHAP. 6(128 WHEREAS, RCW Chap. 60.28 requires the City of Everett to retain a percentage of payments to contractors on public works projects; and WHEREAS, the City also retains a percentage of payments to contractors on public works projects to ensure timely, faithful, and complete performance; and WHEREAS,RCW Chap. 60.28 requires the City to release such retained percentage if the contractor submits a bond in a form acceptable to the City and from a bonding company meeting standards established by the City; and WHEREAS, the adoption of an ordinance establishing an acceptable bond form and standards for acceptable bonding companies will expedite the administration of the public works projects, benefiting both the City and contractors; NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: Section 1. Public Works Retainage Bonds (A) To the extent required by RCW Chap. 60.28, the City shall release earned retained percentages held by the City at the request of a contractor provided the Contractor first submits a bond that: (1) is substantially in the following form; (2) is approved by the City Attorney; (3) is from a surety meeting the qualifications described in this ordinance; and (4) otherwise complies with the requirements of this ordinance. (B) The bond shall be substantially in the following form: Bond No. KNOW ALL MEN BY THESE PRESENTS, that [Contractor], a corporation organized under the laws of the State of , and registered to do business in the State of Washington as a contractor, as Principal, and [Surety], a corporation organized under the laws of the State of and registered to transact business in the in the State of Washington as surety, 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 and_/100's Dollars ($ ), 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: