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<br />Page 40 of 43 <br />to increases in the Contract price by change order. Upon any such Contract price increase, the amount of this <br />bond automatically increases 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 canceled <br />by the Principal or Surety for any reason. Any extension of time for the Principal’s performance on the Contract, <br />assignment of obligations under the Contract, or Contract alteration, amendment or change order shall not <br />release the Surety from its obligation under this bond. <br />4. RCW Chapter 60.28 authorizes the City to substitute a retainage bond in lieu of earned retained <br />funds and the Surety hereby waives any defense that this bond is void or otherwise not authorized by law. <br />5. Any claim or suit against the City to foreclose the liens provided for by RCW Chapter 60.28 shall <br />be effective against the Principal and Surety and any judgment under RCW Chapter 60.28 against the City shall <br />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 courts of <br />Washington in Snohomish County, Washington. <br />SIGNED AND SEALED THIS ______ of ______________, 202__. <br /> <br /> <br /> <br />_____________________________________ <br /> <br />Surety <br /> <br />By: __________________________________ <br /> <br />Typed/Printed Name: ____________________ <br /> <br />Title: __________________________________ <br /> <br /> <br /> <br /> <br />______________________________________ <br />Principal <br /> <br /> <br />By: __________________________________ <br /> <br />Typed/Printed Name: ____________________ <br /> <br />Title: __________________________________ <br /> <br />