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CITY OF EVERETT SPECIAL PROVISIONS <br /> 2. Deposited by the City in an interest-bearing escrow account in a bank, mutual <br /> saving bank, or savings and loan association. Interest on monies so retained <br /> shall be paid to the Contractor in accordance with requirements of this <br /> section. Deposits are to be in the name of the City and may not be withdrawn <br /> without the City's written authorization. The City will issue a check <br /> representing the sum of the monies reserved, payable to the bank or trust I <br /> company. Such check shall be converted into bonds and securities chosen by <br /> the Contractor as the interest accrues. <br /> The Contractor shall designate the option desired at the time the Contract is executed. I <br /> If the Contractor in chooses option 2, deposit in escrow account, Contractor agrees to <br /> assume full responsibility to pay all costs that may accrue from escrow services, <br /> brokerage charges or both, and further agrees to assume all risks in connection with <br /> the investment of the retained 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 specified in , <br /> 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 <br /> 3. A release has been obtained from the Washington State Department of <br /> Revenue; and <br /> 4. Affidavits of Wages Paid for the Contractor and all Subcontractors are on file <br /> with the City (RCW 39.12.040); and <br /> 5. A release has been obtained from the Washington State Department of Labor <br /> & Industries and the Washington State Employment Security Department; <br /> and <br /> 6. All claims, as provided by law, filed against the retainage have been resolved. <br /> In the event claims are filed and provided the conditions one through five are <br /> met, the Contractor will be paid the retained percentage less an amount <br /> sufficient to pay any such claims together with a sum determined by the City <br /> sufficient to pay the cost of claims and attorney's fees. <br /> 1-09.11 Disputes and Claims <br /> Delete 1-09.11 and substitute the following: <br /> 1-09.11(1) Disputes <br /> (******) <br /> When a Dispute occurs during the Contract, the Contractor shall pursue resolution <br /> through the City's Representative. The Contractor shall follow the procedure outlined <br /> in section 1-09.11(2) CONTRACT CLAIMS herein and 1-08.3 PROGRESS <br /> SCHEDULE and 1-08.8 EXTENSIONS OF TIME for issues regarding the schedule <br /> and Contract Time. Timely and adequate Notice is a condition precedent to a Contract <br /> Claim. Timely and complete submission of a Contract Claim is a condition precedent <br /> to any entitlement by the Contractor to an adjustment of Contract Sum or Contract <br /> Time. Unless waived in writing by the City, mediation is a condition precedent to the <br /> filing of any lawsuit, action or proceeding that seeks to recover on a Contract Claim, <br /> whether in whole or in part. The costs of any such mediation will be borne equally by <br /> SEWER SYSTEM REPLACEMENT AND CAPACITY IMPROVEMENTS SEWER "M" PHASE II <br /> WO No.— UP3470-10 Division 1 —GENERAL REQUIREMENTS April 2016 <br /> SP—140 <br /> I <br />