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BOND NO. B-1220335 <br /> RETAINAGE BOND <br /> KNOW ALL MEN BY THESE PRESENTS,that Thomco Construction,Inc. a <br /> corporation organized under the laws of the State of WA ,and registered to do <br /> business in the State of Washington as a contractor, as Principal, and <br /> The Cincinnati Insurance Company ,a corporation organized under the laws of <br /> the State of Ohio and registered to transact business in the State of <br /> Washington as Surety,their heirs,executors, administrators, successors and assigns, are jointly and <br /> severally held and bound to the City of Everett,Washington, hereinafter called "City", and are similarly <br /> held and bound unto the beneficiaries of the trust fund created by RCW Chapter 60.28, in the sum <br /> of Ninety Five Thousand Nine Hundred Fifty Nine and 60/100 <br /> Dollars ($ 95,959.60 ) plus five (5%)percent of any increases that may occur under the <br /> Contract(as defined below),the payment of which,well and truly to be paid,we bind ourselves, our <br /> heirs,executors and successors,jointly and severally,formally by these presents. <br /> THE CONDITIONS OF THE ABOVE OBLIGATION ARE THAT: <br /> WHEREAS, on 6/24/2015 ,the Principal executed a contract (the "Contract") <br /> with the City known as: <br /> PROJECT NAME Shore Avenue Stormwater Outfall Improvements Project <br /> CONTRACT NUMBER Work Order UP3118 <br /> WHEREAS,said Contract and RCW Chapter 60.28 require the City to withhold from monies earned by <br /> the Principal during the progress of the construction, hereinafter referred to as "earned retained funds"; <br /> WHEREAS,the Principal requested that the City accept a retainage bond and release earned retained <br /> funds to Principal, as allowed under RCW Chapter 60.28; and <br /> NOW,THEREFORE,the condition of this obligation is such that the Surety is held and bound to the City <br /> to indemnify, defend and hold the City harmless from any and all loss, costs or damages that the City <br /> may sustain by reason of release of said earned retained funds to Principal,then this obligation to be <br /> null and void, otherwise to remain in full force and effect. <br /> PROVIDED, HOWEVER, it is expressly understood and agreed that: <br /> 1. Any suit or action under this bond must be instituted within the time period, if any, <br /> provided by applicable law. The bond shall be subject to all claims and liens provided for by law or <br /> Contract against the earned retained funds and in the same manner and priority as set forth for retained <br /> percentages in RCW Chapter 60.28 and the Contract. <br /> 1 <br />