Laserfiche WebLink
<br />Page 39 of 43 <br />RETAINAGE BOND <br />Bond No. ________________ <br />KNOW ALL MEN BY THESE PRESENTS, that __________________, a corporation organized under the <br />laws of the State of _____________________, and registered to do business in the State of Washington as a <br />contractor, as Principal, and ________________________, a corporation organized under the laws of the State <br />of _____________________________ and registered to transact business in the State of Washington as Surety, <br />their heirs, executors, administrators, successors and assigns, are jointly and severally held and bound to the <br />City of Everett, Washington, hereinafter called “City”, and are similarly held and bound unto the beneficiaries of <br />the trust fund created by RCW Chapter 60.28, in the sum of _______________________________Dollars <br />($_____________) plus five (5%) percent of any increases that may occur under the Contract (as defined below), <br />the payment of which, well and truly to be paid, we bind ourselves, our heirs, executors and successors, jointly <br />and severally, formally by these presents. <br />THE CONDITIONS OF THE ABOVE OBLIGATION ARE THAT: <br />WHEREAS, on ____________________, the Principal executed a contract (the “Contract”) with the City known <br />as: <br />CONTRACT NUMBER: 2022-047 <br />PROJECT NAME: UNIT PRICE HVAC SERVICES AND REPAIRS <br />WHEREAS, said Contract and RCW Chapter 60.28 require the City to withhold from monies earned by the <br />Principal during the progress of the construction, hereinafter referred to as “earned retained funds”; <br />WHEREAS, the Principal requested that the City accept a retainage bond and release earned retained funds to <br />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 the City to <br />indemnify, defend and hold the City harmless from any and all loss, costs or damages that the City may sustain <br />by reason of release of said earned retained funds to Principal, then this obligation to be null and void, <br />otherwise to remain in full force and effect. <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, provided by <br />applicable law. The bond shall be subject to all claims and liens provided for by law or Contract against the <br />earned retained funds and in the same manner and priority as set forth for retained percentages in RCW <br />Chapter 60.28 and the Contract. <br />2. The Surety hereby consents to and waives notice of any extension in the time for performance <br />of the Contract, assignment of obligations under the Contract, or Contract alteration, termination, amendment <br />or change order. This expressly includes, but is not limited to, consent to and waiver of any notice with respect