IMCO General Construction, Inc. 8/28/2024

Section 00 61 25 RETAINAGE ESCROW AGREEMENT City of Everett 00 61 25-3 June 2024 WFP Air Scour Blower Building Replacement Issued for Bid UP3813 9. Termination of Escrow By Bank. Bank may terminate the escrow by giving written notice to the City and Contractor. Within twenty (20) calendar days of the receipt of such notice, the City and Contractor shall jointly appoint a successor escrow holder and instruct Bank to deliver all securities and funds of the Escrow Account to said successor. If Bank is not so notified of the appointment of a successor escrow holder, Bank may return all funds, securities and contents of the Escrow Account to the City 10. Definitions “Agreement” shall mean this document, including exhibit, when completely executed by the City, Contractor and Bank. “Bank” shall mean that national or state chartered bank identified in Exhibit A that holds the escrow. “Check” shall mean a check or warrant payable jointly to the Bank and Contractor, representing accrued Retainage. “City” shall mean the City of Everett, a municipal corporation of the State of Washington “Completion Date” shall mean that date occurring immediately after the expiration of the project duration (as defined by the contract for the public improvement), including any agreed extensions thereof. The initial Completion Date can be found at the top of the first page of this Agreement. "Contractor" shall mean the undersigned contractor. “Escrow Account” shall mean the escrow created by this Agreement. “Eligible Securities are those bonds and securities identified in the paragraph entitled, Eligible Securities on page 1 above. “Retainage” shall mean moneys reserved by the City under the provisions of a public improvement contract. 11. Miscellaneous. With the possible exception of any agreement between the Bank and Contractor regarding amount and payment of fees, commissions and charges related to the Escrow Account, this document contains the entire agreement between the Bank, Contractor and the City with respect to this Escrow Account. This Agreement binds the assigns, successors, personal representatives and heirs of the parties hereto. Those persons executing this Agreement represent and warrant they are duly authorized to bind their principals to this Agreement and to execute this Agreement on their behalf. Venue for any dispute arising out of, or related to, this Agreement shall be Snohomish County, Washington. This Agreement shall be executed in triplicate, each of which shall be deemed to be an original.