9001 AIRPORT RD BLDG 1 2025-10-21

SNO-ISLE TECH 2O23 SMALL WORKS Section 00 70 00, Page 45 McGRANAHAN ARCHITECTS GENERAL CONDITIONS submitting retainage bond(s) that meet these requirements to Owner on behalf of itself and/or any Subcontractor. Owner will not accept retainage bonds submitted directly to it by a Subcontractor. The Contractor may withhold from Contractor's payments to its Subcontractors and Suppliers in accordance with the requirements of RCW Chapter 60.28 not more than 5% as retainage from moneys earned by such persons or entities. .1 The retainage shall be held as a trust fund for the protection and payment of any person or persons, mechanic, Subcontractor, or materialman who shall perform any labor under this Contract, as provided by Chapter 60.28 Revised Code of Washington (RCW) and all persons who shall supply such person or persons of Subcontractors with provisions, and supplies for the carrying on of such Work, and the State with respect to taxes, increases, and/or penalties imposed pursuant to RCW Titles 50, 51, and 82 which may be due from Contractor. In accordance with the provisions of Chapter 60.28 RCW, said trust fund shall be retained for the statutory period, and every person performing labor or furnishing supplies toward the completion of said Work shall have a lien upon said fund provided that proper notice of the lien shall be given as required by law. After the expiration of the statutory notice period, and after the Owner's receipt of clearances of the Department of Revenue, Employment Security Department, and Department of Labor & Industries, the reserve in excess of a sum sufficient to discharge the taxes certified as due or to become due by the Department of Revenue, the Department of Labor & Industries, and the claims of materialmen and laborers who have filed their claims, together with a sum sufficient to defray the cost of foreclosing the liens of such claims, and to pay attorneys' fees, shall be paid to Contractor. The provisions of this subparagraph shall supersede any other conflicting provision in this Contract. .2 Monies reserved under provisions of Chapter 60.28 RCW shall, at the option of the Contractor, be: a. Retained in a fund by the Owner with no interest paid thereon to the Contractor; or b. Deposited by the Owner in an interest -bearing account in a bank, mutual savings bank, or savings and loan association, not subject to withdrawal until after final acceptance of all work, or a portion thereof, as may be approved by the Owner; or C. Placed in escrow in a bank or trust company by the Owner. When the monies reserved are to be placed in escrow, the Owner will issue a check representing the sum of the monies reserved payable to the bank or trust company and the Contractor jointly. Such check shall be converted into bonds and securities chosen by the Contractor and approved by the Owner, and the bonds and securities held in escrow. Interest on the bonds and securities shall be paid to the Contractor as the interest accrues. Under option b and c above, interest will be paid to the Contractor as the interest accrues. The Contractor shall designate the option desired on a form as may be provided by the Owner. This form shall be submitted no later than with the Contractor's first partial payment request. The Contractor in choosing option b or c agrees to assume full responsibility to pay all costs which may accrue from escrow services, brokerage charges, or both, and further agrees to assume all risks in connection with the investment of the retained monies. If retainage funds are placed in mcg-ARC 2120.000 February 28, 2023