Viking Construction Group 7/9/2024

City of Everett 00 61 23 - 1 00 61 23 - 1 RETAINAGE BOND SECTION 00 61 23 - NEW RETAINAGE BOND BOND NO. _________ RETAINAGE BOND 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: POLICE FACILITIES UPGRADES PROJECT NUMBER: FAC 2024-0315 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”;