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City of Everett 00 72 00 - 43 <br />Port Gardner Storage Facility - Demolition Package WO# UP-3525 <br />00 72 00 - 43 GENERAL CONDITIONS <br />An item that has been bid at a unit price or lump sum in the Bid will not be paid as Force Account unless <br />a change, as defined in ARTICLE 6. CHANGES, has occurred and the provisions require a payment <br />adjustment. Items which are included in the Bid as Force Account or which are added by change order as <br />Force Account may, by agreement of the parties at any time, be converted to agreed unit prices or lump <br />sums applicable to the remaining Work. <br />9.7. RETAINAGE <br />Pursuant to RCW Chap. 60.28, a sum of five percent (5%) of the monies earned by the Contractor will be <br />retained from progress estimates. In addition to protecting the interests of those identified in RCW Chap. <br />60.28, such retainage shall be used as a trust fund for the protection of the Owner. <br />At the option of the Contractor; monies retained under the provisions of RCW 60.28 shall be: <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Deposits are to be in the name of the Owner and may not be withdrawn without the Owner’s 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;