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<br /> I CITY OF EVERETT PUBLIC WORKS 00 61 23
<br /> SPECIAL PROVISIONS RETAINAGE BOND
<br /> IDOCUMENT 00 61 23—RETAINAGE BOND
<br /> BOND NO. 106788115
<br /> IKNOW ALL MEN BY THESE PRESENTS,that Rodarte Construction, Inca corporation organized under
<br /> the laws of the State of WA ,and registered to do business in the State of
<br /> Washington as a contractor,as Principal,and
<br /> Travelers Casu&tyand SureryCompany ofAme ca ,a corporation organized
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<br /> under the laws of the State of CT 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
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<br /> are similarly held and bound unto the beneficiaries of the trust fund created by RCW Chapter 60.28,in
<br /> the sum of *** $188,032.91 *** Dollars($ 188,032.91 )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 /> I 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 /> IWHEREAS,on January 2A_, 2018 ,the Principal executed a contract(the"Contract")with the City
<br /> known as:
<br /> LEGION GOLF COURSE STORMWATER DETENTION PROJECT
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<br /> UP3620
<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 /> IWHEREAS,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 /> I 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 /> I 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 /> I 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 /> I 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 /> Iwaiver 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 /> I 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 /> Iamendment or change order shall not release the Surety from its obligation under this bond.
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<br /> Legion Golf Course Stormwater Detention Project November 30,2017
<br /> WO#UP3620 00 61 23 - 1
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<br /> Provided to Builders Exchange of WA, Inc. For usage Conditions Agreement see www.bxwa.com-Always Verify Scale
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