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WHEREAS, on [date], the Principal executed a contract(the"Contract")with <br /> the City known as: <br /> Project Name: <br /> Contract Number: <br /> And, <br /> WHEREAS, said Contract and RCW Chapter 60.28 require the City to <br /> withhold from monies earned by the Principal during the progress of the <br /> construction, hereinafter referred to as"earned retained funds"; and <br /> WHEREAS, the Principal requested that the City release and <br /> _/100's Dollars ($ ) of the earned retained funds, as allowed <br /> under RCW Chapter. 60.28; <br /> NOW, THEREFORE, the condition of this obligation is such that the Surety is <br /> held and bound to the City to indemnify, defend and hold the City harmless from <br /> any and all loss, costs or damages that the City may sustain by reason of release of <br /> said earned retained funds to Principal, then this obligation to be null and void, <br /> otherwise to remain in full force and 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 <br /> period provided by applicable law. The bond shall be subject to all claims <br /> and liens provided for by law or Contract against the earned retained funds <br /> and in the same manner and priority as set forth for retained percentages in <br /> RCW Chap. 60.28 and the Contract. <br /> 2. The Surety hereby consents to and waives notice of any extension in the <br /> time for performance of the Contract, assignment of obligations under the <br /> Contract, or Contract alteration, termination, amendment or change order. <br /> 3. Until written release of this obligation by the City, this bond may not be <br /> terminated or canceled by the Principal or Surety for any reason. Any <br /> extension of time for the Principal's performance on the Contract, <br /> assignment of obligations under the Contract, or Contract alteration, <br /> amendment or change order shall not release the Surety from its obligation <br /> under this bond. <br /> 4. RCW Chap. 60.28 authorizes the City to substitute a retainage bond in lieu <br /> of earned retained funds and the Surety hereby waives any defense that <br /> this bond is void or otherwise not authorized by law. <br />