Service Electric Co Inc 2/6/2018

°pbOraJ Bond no. RRT9246908 RETAINAGE BOND KNOW ALL MEN BY THESE PRESENTS, that Service Electric Co., Inc. , a corporation organized under the laws of the State of Washington , and registered to do business in the State of Washington as a contractor, as Principal, and n# jlaty ndd Deposit Companyet corporation organized under the laws of the State of Maryland and registered to transact business in the in the State of Washington as surety, as Surety, their heirs, executors, administrators, successors and assigns, are jointly and severally held and bound to the City of Everett, Washington, hereinafter called "City", and are similarly held.an&bound unto the beneficiaries of the trust fund created by RCW Chapter 60.28, in the sum of Eight Five Two Huanndred00 /100's Dollars ($ ) t 8,255.00-- , the payment of which, well and truly to be paid, we bind ourselves, our heirs, executors and successors, jointly and severally, formally by these presents. THE CONDITIONS OF THE ABOVE OBLIGATION ARE THAT: WHEREAS, on February 6th 2018 the Principal executed a contract (the "Contract") with the City known as: Project Name: ELECTRIC BUS CHARGER INFRASTRUCTURE INSTALLATION Contract Number: SW 17058 And, WHEREAS, said Contract and RCW Chapter 60.28 require the City to withhold from monies earned by the Principal during the progress of the construction, hereinafter referred to as "earned retained funds"; and Eight Thousand Two Hundred WHEREAS, the Principal requested that the City release Fifty Five and 00 /100's Dollars ($ 8,255.00-- ) of the earned retained funds, as allowed under RCW Chapter. 60.28; NOW, THEREFORE, the condition of this obligation is such that the Surety is held and bound to the City to indemnify, defend and hold the City harmless from any and all loss, costs or damages that the City may sustain by reason of release of said earned retained funds to Principal, then this obligation to be null and void, otherwise to remain in full force and effect. PROVIDED, HOWEVER, it is expressly understood and agreed that: 1. Any suit or action under this bond must be instituted within the time period provided by applicable law. The bond shall be subject to all claims and liens provided for by law or Contract against the earned retained funds and in the same manner and priority as set forth for retained percentages in RCW Chap. 60.28 and the Contract. 2. The Surety hereby consents to and waives notice of any extension in the time for performance of the Contract, assignment of obligations under the Contract, or Contract alteration, termination, amendment or change order.