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CITY OF EVERETT PUBLIC WORKS 00 61 23
<br /> SPECIAL PROVISIONS RETAINAGE BOND
<br /> DOCUMENT 00 61 23—RETAINAGE BOND
<br /> BOND NO. 106725412
<br /> KNOW ALL MEN BY THESE PRESENTS,that McClure and Sons,Inc. a corporation organized under
<br /> the laws of the State of Washington ,and registered to do business in the State of
<br /> ysCasualty and Surety ton as a contractor,as Principal,and Companyofic
<br /> ,a corporation organized
<br /> under the laws of the State of Connecticut and registered to transact business in
<br /> the State of Washington as Surety,their heirs,executors,administrators,successors and assigns,are
<br /> jointly and severally held and bound to the City of Everett,Washington, hereinafter called"City",and
<br /> are similar) held and bound unto the beneficiaries of the trust fund created by RCW Chapter 60.28,in
<br /> the sum of la d 30/100usand Five Hundred Twenty Two Dollars($ 56,522.30 )plus five percent of any
<br /> increases that may occur under the Contract(as defined below),the payment of which,well and truly to
<br /> be paid,we bind ourselves,our heirs,executors and successors,jointly and severally,formally by these
<br /> presents.
<br /> THE CONDITIONS OF THE ABOVE OBLIGATION ARE THAT:
<br /> WHEREAS,on August 23,2017 ,the Principal executed a contract(the"Contract")with the City
<br /> known as:
<br /> PROJECT NAME:THREE LAKES VALVE BYPASS
<br /> PROJECT NUMBER UP3611
<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 /> 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 five
<br /> percent of 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 /> THREE LAKES VALVE BYPASS July 19,2017
<br /> WO#UP361 00 61 23 - 1
<br /> Provided to Builders Exchange of WA, Inc. For usage Conditions Agreement see www.bxwa.com - Always Verify Scal
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