KLB CONSTRUCTION INC. 6/23/2010 - Laserfiche WebLink

I I9.7. RETAINAGE Pursuant to RCW Chap. 60.28, a sum of five percent(5%)of the monies earned by the Contractor will be I retained from progress estimates. In addition to protecting the interests of those identified in RCW Chap. 60.28, such retainage shall be used as a trust fund for the protection of the Owner. At the option of the Contractor; monies retained under the provisions of RCW 60.28 shall be: 1. Retained in a fund by the Owner, or 2. Deposited by the Owner in an escrow(interest-bearing)account in a bank, mutual saving bank, or savings and loan association (interest on monies so retained shall be paid to the Contractor). Deposits are to be in the name of the Owner and may not be withdrawn without the Owner's written authorization. The Owner will issue a check representing the sum of the monies reserved, payable to the bank or trust company. Such check shall be Iconverted into bonds and securities chosen by the Contractor as the interest accrues. The Contractor shall designate the option desired at the time the Contract is executed. If the Contractor chooses option 2 (deposit in escrow account), Contractor agrees to assume full responsibility to pay all I costs that may accrue from escrow services, brokerage charges or both, and further agrees to assume all risks in connection with the investment of the retained percentages in securities. Retainage will be released when all of the following conditions are satisfied: I 1. Sixty(60)days have elapsed following the completion of all work specified in the Contract; and 2. The Contractor fulfilled all of all obligations of the Contractor under the Contract, ' including, but not limited to, the Contractor's furnishing all documentation required by Contract and law; and 3. A release has been obtained from the Washington State Department of Revenue; and ' 4. Affidavits of Wages Paid for the Contractor and all Subcontractors are on file with the Owner(RCW 39.12.040); and 5. A release has been obtained form the Washington State Department of Labor& 111 Industries and the Washington State Employment Security Department; and 6. All claims, as provided by law, filed against the retainage have been resolved. In the event claims are filed andP rovided the conditions one through five are met, the ' Contractor will be paid the retained percentage less an amount sufficient to pay any such Claims together with a sum determined by the Owner sufficient to pay the cost of claims and attorney's fees. I10. NOTICE TO OWNER 10.1 WHEN NOTICE MUST BE GIVEN Whenever 1. The Contractor disagrees with any requirement, direction, interpretation or determination by the Owner, Engineer or Owner's Representative; 2. The Contractor knows, or should with the reasonable exercise of ordinary care know, of a differing site condition as provided in section 11. DIFFERING SITE CONDITIONS; 3. The Contractor knows, or should with the reasonable exercise of ordinary care know, of • any Delay or an event that may cause a Delay; 4. The Contractor believes, or with the reasonable exercise of ordinary care should believe, 1 it is entitled to an adjustment of Contract Sum or Time, even if the total or exact amount or impact cannot yet be determined; EVERETT RIVERFRONT SURCHARGE GENERAL CONDITIONS PHASE 3 00710-39