A-1 Landscaping and Construction, Inc. 7/20/2016

I 1 1. Retainage per Section 1-09.9(1); 2 2. The amount of Progress Payments previously made; and111 3 3. Funds withheld by the Contracting Agency for disbursement in accordance 4 with the Contract Documents. 5 I 6 Progress payments for work performed shall not be evidence of acceptable performance 7 or an admission by the Contracting Agency that any work has been satisfactorily 8 completed. 9 10 Payments will be made by warrants, issued by the Contracting Agency's fiscal officer, 11 against the appropriate fund source for the project. Payments received on account of 12 work performed by a subcontractor are subject to the provisions of RCW 39.04.250. 13 14 Section 1-09.9 is modified by adding the following 15 16 Upon completion of all work and after final inspection, the amount due the Contractor 17 under the contract, will be paid based upon the final estimate made by the Engineer and I 18 presentation of a Final Contract Voucher Certification signed by the Contractor. Such 19 voucher shall be deemed a release of all claims of the Contractor unless a claim is filed 20 in accordance with the requirements of Section 1-09.11 and is expressly excepted from 21 the Contractor's Certification on the Final Contract Voucher Certification. 22 23 1-09.9(1) Retainage 24 25 Section 1-09.9(1) is modified to read as follows: 26 27 Pursuant to RCW Chap. 60.28, a sum of five percent (5%) of the monies earned by the 28 Contractor will be retained from progress estimates. In addition to protecting the 29 interests of those identified in RCW Chap. 60.28, such retainage shall be used as a trust 30 fund for the protection of the Owner. 31 32 At the option of the Contractor, monies retained under the provisions of RCW 60.28 shall 33 be: 34 1. Retained in a fund by the Owner, or I 35 2. Deposited by the Owner in an escrow (interest-bearing) account in a bank, 36 mutual saving bank, or savings and loan association (interest on monies so 37 retained shall be paid to the Contractor). Deposits are to be in the name of 38 the Owner and may not be withdrawn without the Owner's written 39 authorization. The Owner will issue a check representing the sum of the 40 monies reserved, payable to the bank or trust company. Such check shall be 41 converted into bonds and securities chosen by the Contractor as the interest 42 accrues. 43 ' 44 The Contractor shall designate the option desired at the time the Contract is executed. If 45 the Contractor in chooses option 2 (deposit in escrow account), Contractor agrees to 46 assume full responsibility to pay all costs that may accrue from escrow services, 47 brokerage charges or both, and further agrees to assume all risks in connection with the 48 investment of the retained percentages in securities. 49 50 Retainage will be released when all of the following conditions are satisfied: 1 51 1. Sixty (60) days have elapsed following the completion of all work specified in 52 the Contract; and 53 2. The Contractor fulfilled all of all obligations of the Contractor under the I RIVERFRONT DEVELOPMENT NORTH WETLAND COMPLEX 82 1