Laserfiche WebLink
Addendum 1 Page 7 <br />CITY OF EVERETT ⋅ 3200 Cedar Street ⋅ Everett, WA 98201 ⋅ (425) 257-8800 ⋅ Fax (425) 257-8882 <br /> <br />Item 6 - SPECIFICATION 00 72 00 GENERAL CONDITIONS: <br />Delete Section 9.4 and Replace with the following: <br />“Not Used” <br />Item 7 - SPECIFICATION 00 72 00 GENERAL CONDITIONS: <br />Delete Section 9.7 and Replace with the following: <br /> <br />“9.7 RETAINAGE <br />Pursuant to RCW Chap. 60.28, a sum of five percent (5%) of the monies <br />earned by the Contractor will be retained from progress estimates. In addition <br />to protecting the interests of those identified in RCW Chap. 60.28, such <br />retainage shall be used as a trust fund for the protection of the Owner. <br />At the option of the Contractor; monies retained under the provisions of RCW <br />60.28 shall be: <br />1. Retained in a fund by the Owner, or <br />2. Deposited by the Owner in an escrow (interest-bearing) account in a bank, <br />mutual saving bank, or savings and loan association (interest on monies <br />so retained shall be paid to the Contractor). Deposits are to be in the <br />name of the Owner and may not be withdrawn without the Owner’s written <br />authorization. The Owner will issue a check representing the sum of the <br />monies reserved, payable to the bank or trust company. Such check shall <br />be converted into bonds and securities chosen by the Contractor as the <br />interest accrues. Bank and Contractor will execute an escrow agreement <br />in the form provided by Owner; or <br />3. Released after submission of fully executed retainage bond in the form <br />provided by Owner in Section 00 62 23, with such bond executed by a <br />duly licensed surety company listed in the latest Circular 570 of the United <br />States Treasury Department as acceptable as surety on federal bonds. <br />The Contractor shall designate the option desired at the time the Contract is <br />executed. If the Contractor chooses option 2 (deposit in escrow account), <br />Contractor agrees to assume full responsibility to pay all costs that may <br />accrue from escrow services, brokerage charges or both, and further agrees <br />to assume all risks in connection with the investment of the retained <br />percentages in securities. <br />Retainage will be released when all of the following conditions are satisfied: <br />1. Sixty (60) days have elapsed following the completion of all Work <br />specified in the Contract; and <br />2. The Contractor fulfilled all of all obligations of the Contractor under the <br />Contract, including, but not limited to, the Contractor’s furnishing all <br />documentation required by Contract and law; and