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City of Everett 00 6123 - 1 <br />2026 WPCF Biosolids Removal & Disposal UT 3752-30 <br />00 6123 - 1 RETAINAGE BOND <br />SECTION 00 6123 - NEW RETAINAGE BOND <br />BOND NO. _________ <br />RETAINAGE BOND <br />KNOW ALL MEN BY THESE PRESENTS, that __________________, a <br />corporation organized under the laws of the State of _____________________, and <br />registered to do business in the State of Washington as a contractor, as Principal, and <br />________________________, a corporation organized under the laws of the State of <br />_____________________________ and registered to transact business in the State of <br />Washington as Surety, their heirs, executors, administrators, successors and assigns, <br />are jointly and severally held and bound to the City of Everett, Washington, hereinafter <br />called “City”, and are similarly held and bound unto the beneficiaries of the trust fund <br />created by RCW Chapter 60.28, in the sum of <br />_______________________________Dollars ($_____________) plus five (5%) <br />percent of any increases that may occur under the Contract (as defined below), the <br />payment of which, well and truly to be paid, we bind ourselves, our heirs, executors and <br />successors, jointly and severally, formally by these presents. <br />THE CONDITIONS OF THE ABOVE OBLIGATION ARE THAT: <br />WHEREAS, the Principal has executed a contract ___________ (the “Contract”) with <br />the City known as: <br />PROJECT NAME: 2026 Biosolids Removal and Disposal <br />CONTRACT NUMBER: UT 3752-30 <br />WHEREAS, said Contract and RCW Chapter 60.28 require the City to withhold from <br />monies earned by the Principal during the progress of the construction, hereinafter <br />referred to as “earned retained funds”;