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<br /> <br />City of Everett 00 61 23-1 June 2024 <br />WFP Air Scour Blower Building Replacement Issued for Bid <br />UP3813 <br />SECTION 00 61 23 <br />NEW RETAINAGE BOND <br />BOND NO. _________ <br />RETAINAGE BOND <br /> <br /> <br />KNOW ALL MEN BY THESE PRESENTS, that __________________, a corporation <br />organized under the laws of the State of _____________________, and registered to do <br />business in the State of Washington as a contractor, as Principal, and <br />________________________, a corporation organized under the laws of the State of <br />_____________________________ and registered to transact business in the State of <br />Washington as Surety, their heirs, executors, administrators, successors and assigns, are jointly <br />and severally held and bound to the City of Everett, Washington, hereinafter called “City”, and <br />are similarly held and bound unto the beneficiaries of the trust fund created by RCW Chapter <br />60.28, in the sum of _______________________________Dollars ($_____________) plus five <br />(5%) percent of any increases that may occur under the Contract (as defined below), the <br />payment of which, well and truly to be paid, we bind ourselves, our heirs, executors and <br />successors, jointly and severally, formally by these presents. <br />THE CONDITIONS OF THE ABOVE OBLIGATION ARE THAT: <br />WHEREAS, the Principal has executed a contract ___________ (the “Contract”) with the City <br />known as: <br /> <br />PROJECT NAME: WFP AIR SCOUR BLOWER BUILDING REPLACEMENT <br />CONTRACT NUMBER: UP 3813 <br />WHEREAS, said Contract and RCW Chapter 60.28 require the City to withhold from monies <br />earned by the Principal during the progress of the construction, hereinafter referred to as <br />“earned retained funds”; <br />WHEREAS, the Principal requested that the City accept a retainage bond and release earned <br />retained funds to Principal, as allowed under RCW Chapter 60.28; and <br />NOW, THEREFORE, the condition of this obligation is such that the Surety is held and bound to <br />the City to indemnify, defend and hold the City harmless from any and all loss, costs or <br />damages that the City may sustain by reason of release of said earned retained funds to <br />Principal, then this obligation to be null and void, otherwise to remain in full force and effect.