|
CITY OF EVERETT PUBLIC WORKS
<br /> SPECIAL PROVISIONS
<br /> DOCUMENT 00 61 23 —RETAINAGE BOND
<br /> BOND NO. 023039650
<br /> ' Stellar J
<br /> KNOW ALL MEN BY THESE PRESENTS, that Corporation a corporation organized under
<br /> the laws of the State of Texas and re istered to do business in the State of
<br /> LiWashington as a contractor, as Principal, and compan Mutual Insurance corporation organized
<br /> gP Compan� , a
<br /> ' under the laws of the State of Massachusetts 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 similarly held and bound unto the beneficiaries of the trust fund created by RCW Chapter 60.28, in
<br /> the sum of Thirty Eight Thousand * Dollars ($ 38, 268 .63 ) plus five (5%) 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. * Two Hundred Sixty Eight Dollars and 63/100
<br /> THE CONDITIONS OF THE ABOVE OBLIGATION ARE THAT:
<br /> ' WHEREAS, on August 9, 2017 , the Principal executed a contract(the "Contract") with the City
<br /> known as:
<br /> PROJECT NAME: PORTAL 'I REPLACEMENT
<br /> ' PROJECT NUMBER UP3602
<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 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 /> Portal 1 Replacement June 2017
<br /> WO#UP3602 00 61 23 -
<br /> I
<br />
|