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<br />Page 13 of 125 <br />2.15 RETAINAGE BOND <br />The City requires each Contractor to provide a Retainage Bond in the penal sum equal to $100,000. If <br />the cumulative amount of required Retainage under Chapter 60.28 RCW exceeds this amount, the <br />Contractor shall deliver a rider or a new Retainage Bond as required by the City. The Contractor must <br />use the Retainage Bond form provided by the City. <br />2.16 OPTION TO EXTEND <br />The parties may elect to extend the contract for one (1) year, in which case all contract terms and <br />conditions will remain unchanged for the extension year. <br />2.17 OPTION YEAR PRICE INCREASE <br />See Article 17. <br />2.18 PAYMENT <br />Within thirty (30) days after delivery, acceptance of items ordered, and a properly prepared invoice, but <br />not more often than once per month, the City of Everett will pay the Supplier according to the rate(s) <br />stated on the price sheet. <br />No down payment or advance payment of any kind will be made. Washington State law requires proof <br />that the materials have been furnished, the services rendered, or the labor performed as described before <br />payment may be made. All invoices must list the PO number and are to be submitted to the following <br />address: <br />City of Everett – Procurement <br />tbauccio@everettwa.gov <br />Attn: JOC Contract Administrator <br />2930 Wetmore Avenue, Suite 9E <br />Everett, WA 98201 <br /> <br />