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4 w , <br /> BOND NO._023039345 <br /> RETAINAGE BOND <br /> KNOW ALL MEN BY THESE PRESENTS,that Forma Construction Company <br /> a corporation organized under the laws of the State of Washington , and registered to do <br /> business in the State of Washington as a contractor, as Principal, and Liberty Mutual Insurance <br /> Company , a corporation organized under the laws of the State of Massachusetts and <br /> registered to transact business in the State of Washington as Surety,their heirs,executors, <br /> administrators,successors and assigns, are jointly and severally held and bound to the City of Everett, <br /> Washington, hereinafter called "City", and are similarly held and bound unto the beneficiaries of the <br /> trust fund created by RCW Chapter 60.28, in the sum of One Hundred Thousand and 00/100ths <br /> _Dollars($100,000.00 ) plus five (5%) percent of any increases that may occur under the Contract (as <br /> defined below), the payment of which,well and truly to be paid, we bind ourselves, our heirs, executors <br /> and successors,jointly and severally, formally by these presents. <br /> THE CONDITIONS OF THE ABOVE OBLIGATION ARE THAT: <br /> WHEREAS, on , the Principal executed a contract (the "Contract") <br /> with the City known as: <br /> PROJECT NAME CITY OF EVERETT JOB ORDER CONTRACT YEAR 3 <br /> CONTRACT NUMBER <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 />