Faber Construction Corp 9/27/2016

I CITY OF EVERETT SPECIAL PROVISIONS 1-09.9(6) Retainage Pursuant to RCW Chap. 60.28, a sum of five percent (5%) of the monies earned by the Contractor will be retained from progress estimates. In addition to protecting the interests of those identified in RCW Chap. 60.28, such retainage will be used as a trust fund for the protection of the City. At the option of the Contractor, monies retained under the provisions of RCW 60.28 will be: 1. Retained in a fund by the City, or 2. Deposited by the City in an interest-bearing escrow account in a bank, mutual saving bank, or savings and loan association. interest on monies so retained ' shall be paid to the Contractor in accordance with requirements of this section. Deposits are to be in the name of the City and may not be withdrawn without the City's written authorization. The City will issue a check representing the sum of the monies reserved, payable to the bank or trust company. Such check shall be converted into bonds and securities chosen by the Contractor as the interest accrues. The Contractor shall designate the option desired at the time the Contract is executed. If the Contractor in chooses option 2, deposit in escrow account. Contractor agrees to assume full responsibility to pay all costs that may accrue from escrow services, brokerage charges or both, and further agrees to assume all risks in connection with the investment of the retained percentages in securities. Retainage will be released when all of the following conditions are satisfied: 1. Sixty (60) days have elapsed following the completion of all Work specified in 1 the Contract; and 2. The Contractor fulfilled all of all obligations of the Contractor under the Contract, including, but not limited to, the Contractor's furnishing all documentation required by Contract and law; and 3. A release has been obtained from the Washington State Department of Revenue; and 1 4. Affidavits of Wages Paid for the Contractor and all Subcontractors are on file with the City (RCW 39.12.040); and 5. A release has been obtained from the Washington State Department of Labor & Industries and the Washington State Employment Security Department; and 6. All claims, as provided by law, filed against the retainage have been resolved. In the event claims are filed and provided the conditions one through five are met, the Contractor will be paid the retained percentage less an amount sufficient to pay any such claims together with a sum determined by the City sufficient to pay the cost of claims and attorney's fees. 1 1-09.11 Disputes and Claims Delete 1-09.11 and substitute the following: 1-09.11(1) Disputes (******) When a Dispute occurs during the Contract, the Contractor shall pursue resolution through the City's Representative. The Contractor shall follow the procedure outlined in section 1-09.11(2) CONTRACT CLAIMS herein and 1-08.3 PROGRESS SCHEDULE and 1-08.8 EXTENSIONS OF TIME for issues regarding the schedule ' Water Main Replacement"Q" Division 1 —GENERAL CONDITIONS July 8, 2016 -Broadway WO No.—UP3612 SP -111 I