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City of Everett 00 61 23 - 2 <br /> <br /> <br /> <br />00 61 23 - 2 RETAINAGE BOND <br /> <br />WHEREAS, the Principal requested that the City accept a retainage bond and release <br />earned retained funds to 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 <br />bound to the City to indemnify, defend and hold the City harmless from any and all loss, <br />costs or damages that the City may sustain by reason of release of said earned retained <br />funds to Principal, then this obligation to be null and void, otherwise to remain in full <br />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 <br />any, provided by applicable law. The bond shall be subject to all claims and liens <br />provided for by law or Contract against the earned retained funds and in the same <br />manner and priority as set forth for retained percentages in RCW Chapter 60.28 and the <br />Contract. <br />2. The Surety hereby consents to and waives notice of any extension in the time <br />for performance of the Contract, assignment of obligations under the Contract, or <br />Contract alteration, termination, amendment or change order. This expressly includes, <br />but is not limited to, consent to and waiver of any notice with respect to increases in the <br />Contract price by change order. Upon any such Contract price increase, the amount of <br />this 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 <br />terminated or canceled by the Principal or Surety for any reason. Any extension of time <br />for the Principal’s performance on the Contract, assignment of obligations under the <br />Contract, or Contract alteration, amendment or change order shall not release the <br />Surety from its obligation under this bond. <br />4. RCW Chapter 60.28 authorizes the City to substitute a retainage bond in lieu <br />of earned retained funds and the Surety hereby waives any defense that this bond is <br />void or otherwise not authorized by law. <br />5. Any claim or suit against the City to foreclose the liens provided for by RCW <br />Chapter 60.28 shall be effective against the Principal and Surety and any judgment <br />under RCW Chapter 60.28 against the City shall be conclusive against the Principal and <br />the Surety. <br />6. The laws of the State of Washington shall apply to the determination of the <br />rights and obligations of the parties hereunder. Venue for any dispute or claim <br />hereunder shall be the state courts of Washington in Snohomish County, Washington.