IMCO General Construction, Inc. 6/10/2024

SECTION 00 61 23 RETAINAGE BOND BOND NO. KNOW ALL MEN BY THESE PRESENTS, that , 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 , a corporation organized under the laws of the State of and registered to transact business in the State of Washington 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 Dollars ($ ) plus five (5%) percent of any increases that may occur under the Contract (as defined below), 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: WHEREAS, on , the Principal executed a contract (the "Contract") with the City known as: PROJECT NAME: Reservoir 3 Replacement, Phase 1 CONTRACT NUMBER: Work Order # UP3739 WHEREAS, said Contract and RCW Chapter 60.28 require the City to withhold from monies earned by the Principal during the progress of the construction, hereinafter referred to as "earned retained funds"; WHEREAS, the Principal requested that the City accept a retainage bond and release earned retained funds to Principal, as allowed under RCW Chapter 60.28; and NOW, THEREFORE, the condition of this obligation is such that the Surety is held and bound to the City to indemnify, defend and hold the City harmless from any and all loss, costs or damages that the City may sustain by reason of release of said earned retained funds to Principal, then this obligation to be null and void, otherwise to remain in full force and effect. Reservoir 3 Replacement Phase 1 Work Order No. UP3739 00 61 23 RETAINAGE BOND March 2024