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City of Everett 00 61 13 - 3 <br />Port Gardner Storage Facility – Facility Construction Package WO# UP-3525 <br />00 61 13 - 3 PERFORMANCE BOND AND PAYMENT BOND <br />PAYMENT BOND <br />Bond No. _____________________ <br />The City of Everett has awarded to __________________________ (Principal), a contract for the <br />construction of the project designated as Port Gardner Storage Facility – Facility Construction Package, <br />UP-3525, in Everett, Washington (Contract), and said Principal is required under the terms of that <br />Contract to furnish a payment bond in accord with Title 39.08 Revised Code of Washington (RCW) and <br />(where applicable) 60.28 RCW. <br />The Principal, and ______________________________________ (Surety), a corporation organized <br />under the laws of the State of ______________________ and licensed to do business in the State of <br />Washington as surety and named in the current list of “Surety Companies Acceptable in Federal <br />Bonds” as published in the Federal Register by the Audit Staff Bureau of Accounts, U.S. Treasury <br />Dept., are jointly and severally held and firmly bound to the City of Everett in the sum of <br />______________________________________________ US Dollars ($________________________), <br />which is the Contract Sum, subject to the provisions herein. <br />This statutory payment bond shall become null and void, if and when the Principal, its heirs, executors, <br />administrators, successors, or assigns shall pay all persons in accordance with RCW Titles 39.08 and <br />39.12 including all workers, laborers, mechanics, subcontractors, and material suppliers, and all <br />persons who shall supply such contractor or subcontractor with provisions and supplies for the carrying <br />on of such work, and all taxes incurred on said Contract under Title 50 and 51 RCW and all taxes <br />imposed on the Principal under Title 82 RCW; and if such payment obligations have not been fulfilled, <br />this bond shall remain in full force and effect. <br />The Surety agrees to indemnify, defend, and protect the City of Everett against any claim of direct or <br />indirect loss resulting from the failure of the Principal, its heirs, executors, administrators, successors, <br />or assigns, (or the subcontractors or lower tier subcontractors of the Principal) to pay all laborers, <br />mechanics, subcontractors, lower tier subcontractors materialpersons, and all persons who shall supply <br />such contractor or subcontractors with provisions and supplies for the carrying on of such work. <br />The Surety for value received agrees that no change, extension of time, alteration or addition to the <br />terms of the Contract, the specifications accompanying the Contract, or to the work to be performed <br />under the Contract shall in any way affect its obligation on this bond, and waives notice of any change, <br />extension of time, alteration or addition to the terms of the Contract or the work performed. The Surety <br />agrees that modifications and changes to the terms and conditions of the Contract that increase the <br />total amount to be paid the Principal shall automatically increase the obligation of the Surety on this <br />bond and notice to Surety is not required for such increased obligation. <br />This bond may be executed in two (2) original counterparts, and shall be signed by the parties’ duly <br />authorized officers. This bond will only be accepted if it is accompanied by a fully executed and original <br />power of attorney for the officer executing on behalf of the surety. The Surety agrees to be bound by <br />the laws of the state of Washington and subjected to the jurisdiction of the state of Washington.