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<br /> IDOCUMENT 00 6123—RETAINAGE BOND
<br /> BOND NO. 9299519 /Construction, Inc.
<br /> KNOW ALL MEN BY THESE PRESENTS,that IMCO General ,a corporation organized under the
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<br /> laws of the State of Washington ,and registered to do business in the State of Washington as a
<br /> contractor,as Principal,and MFidelity and Deposit Company of a corporation organized under the laws of the State of
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<br /> MarylanSl and registered to transact business in the State of Washington as Surety,their
<br /> heirs,executors,administrators,successors and assigns,are jointly and severally held and bound to the City of
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<br /> Everett,Washington,hereinafter called"City",and are similarly held and bound unto the beneficiaries of the trust
<br /> fund created by RCW Chapter 60.28,in the sum of Three Hundred Eighty Six Thousand* Dollars
<br /> ($386,685.92 )plus five percent of any increases that may occur under the Contract(as defined below),the
<br /> I payment of which,well and truly to be paid,we bind ourselves,our heirs,executors and successors,jointly and
<br /> severally,formally by these presents. *Six Hundred Eighty Five and 92/100ths
<br /> THE CONDITIONS OF THE ABOVE OBLIGATION ARE THAT:
<br /> WHEREAS,on ,the Principal executed a contract(the"Contract")with the City known as:
<br /> lPROJECT NAME: WPCF FEN CHLORINATION BUILDING UPGRADE
<br /> PROJECT NUMBER WO 3614
<br /> I WHEREAS,said Contract and RCW Chapter 60.28 require the City to withhold from monies earned by the
<br /> 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 funds to
<br /> I 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 to
<br /> indemnify,defend and hold the City harmless from any and all loss,costs or damages that the City may sustain by
<br /> reason of release of said earned retained funds to Principal,then this obligation to be null and void,otherwise to
<br /> I remain in full force and effect.
<br /> PROVIDED,HOWEVER,it is expressly understood and agreed that:
<br /> I. Any suit or action under this bond must be instituted within the time period,if any,provided by
<br /> I applicable law. The bond shall be subject to all claims and liens provided for by law or Contract against the earned
<br /> retained funds and in the same manner and priority as set forth for retained percentages in RCW Chapter 60.28 and
<br /> the Contract.
<br /> 2. The Surety hereby consents to and waives notice of any extension in the time for performance of
<br /> I the Contract,assignment of obligations under the Contract,or Contract alteration,termination,amendment or
<br /> change order This expressly includes,but is not limited to,consent to and waiver of any notice with respect to
<br /> increases in the Contract price by change order. Upon any such Contract price increase,the amount of this bond
<br /> automatically increases by an amount equal to five percent of Contract price increase.
<br /> I 3. Until written release of this obligation by the City,this bond may not be terminated or canceled by
<br /> the Principal or Surety for any reason Any extension of time for the Principal's performance on the Contract,
<br /> assignment of obligations under the Contract,or Contract alteration,amendment or change order shall not release
<br /> the Surety from its obligation under this bond.
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<br /> 4. RCW Chapter 60.28 authorizes the City to substitute a retainage bond in lieu of earned retained
<br /> funds and the Surety hereby waives any defense that this bond is void or otherwise not authorized by law.
<br /> 5 Any claim or suit against the City to foreclose the liens provided for by RCW Chapter 60.28 shall
<br /> I be effective against the Principal and Surety and any judgment under RCW Chapter 60.28 against the City shall be
<br /> conclusive against the Principal and the Surety.
<br /> 6 The laws of the State of Washington shall apply to the determination of the rights and obligations
<br /> of the parties hereunder. Venue for any dispute or claim hereunder shall be the state courts of Washington in
<br /> ISnohomish County,Washington.
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<br /> I 10023829 City of Everett Public Works July 2018
<br /> WPCF FEN Chlorination Building Upgrade Work Order 3614
<br /> RETAINAGE BOND
<br /> 00 61 23-1 Issue for Bid
<br /> Irovided to Builders Exchange of WA, Inc. For usage Conditions Agreement see www.bxwa.com - Always Verify Scal
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