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Section 00 61 23 NEW RETAINAGE BOND <br /> <br />City of Everett 00 61 23-2 June 2024 <br />WFP Air Scour Blower Building Replacement Issued for Bid <br />UP3813 <br />PROVIDED, HOWEVER, it is expressly understood and agreed that: <br />1. Any suit or action under this bond must be instituted within the time period, if any, <br />provided by applicable law. The bond shall be subject to all claims and liens provided for by law <br />or Contract against the earned retained funds and in the same manner and priority as set forth <br />for retained percentages in RCW Chapter 60.28 and the Contract. <br />2. The Surety hereby consents to and waives notice of any extension in the time for <br />performance of the Contract, assignment of obligations under the Contract, or Contract <br />alteration, termination, amendment or change order. This expressly includes, but is not limited <br />to, consent to and waiver of any notice with respect to increases in the Contract price by change <br />order. Upon any such Contract price increase, the amount of this bond automatically increases <br />by an amount equal to 5% of Contract price increase. <br />3. Until written release of this obligation by the City, this bond may not be terminated or <br />canceled by the Principal or Surety for any reason. Any extension of time for the Principal’s <br />performance on the Contract, assignment of obligations under the Contract, or Contract <br />alteration, amendment or change order shall not release the Surety from its obligation under this <br />bond. <br />4. RCW Chapter 60.28 authorizes the City to substitute a retainage bond in lieu of <br />earned retained funds and the Surety hereby waives any defense that this bond is void or <br />otherwise not authorized by law. <br />5. Any claim or suit against the City to foreclose the liens provided for by RCW Chapter <br />60.28 shall be effective against the Principal and Surety and any judgment under RCW Chapter <br />60.28 against the City shall be conclusive against the Principal and the Surety. <br />6. The laws of the State of Washington shall apply to the determination of the rights and <br />obligations of the parties hereunder. Venue for any dispute or claim hereunder shall be the state <br />courts of Washington in Snohomish County, Washington. <br />SIGNED AND SEALED THIS ______ of ______________, 20__. <br /> <br /> <br /> <br />________________________________ <br />Surety <br /> <br /> <br />By: ________________________________ <br /> <br />Typed/Printed Name: <br />____________________ <br /> <br />Title: <br />________________________________ <br /> <br /> <br /> <br /> <br />_________________________________ <br />Principal <br /> <br /> <br />By: _________________________________ <br /> <br />Typed/Printed Name: <br />____________________ <br /> <br />Title: <br />_________________________________ <br />