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Section 00 61 23 <br /> Retainage Bond <br /> 2. The Surety hereby consents to and waives notice of any extension in the time for <br /> performance of the Contract, assignment of obligations under the Contract, or Contract alteration, <br /> termination, amendment or change order. This expressly includes, but is not limited to, consent to and <br /> waiver of any notice with respect to increases in the Contract price by change order. Upon any such <br /> Contract price increase,the amount of this bond automatically increases by an amount equal to 5%of <br /> Contract price increase. <br /> 3. Until written release of this obligation by the City,this bond may not be terminated or <br /> canceled by the Principal or Surety for any reason. Any extension of time for the Principal's <br /> performance on the Contract, assignment of obligations under the Contract, or Contract alteration, <br /> amendment or change order shall not release the Surety from its obligation under this bond. <br /> 4. RCW Chapter 60.28 authorizes the City to substitute a retainage bond in lieu of earned <br /> retained funds and the Surety hereby waives any defense that this bond is void or otherwise not <br /> authorized by law. <br /> 5. Any claim or suit against the City to foreclose the liens provided for by RCW Chapter <br /> 60.28 shall be effective against the Principal and Surety and any judgment under RCW Chapter 60.28 <br /> against the City shall be conclusive against the Principal and the Surety. <br /> 6. The laws of the State of Washington shall apply to the determination of the rights and <br /> obligations of the parties hereunder. Venue for any dispute or claim hereunder shall be the state courts <br /> of Washington in Snohomish County,Washington. <br /> SIGNED AND SEALED THIS of , 201_. <br /> Principal <br /> Surety <br /> By: By: <br /> Typed/Printed Name: Typed/Printed Name: <br /> Title: Title: <br /> 2 <br />