Premier Field Development Inc 6/25/2019

I Section 00 6123 Retainage Bond I BOND NO. SAIFSU0748639 RETAINAGE BOND IPremier Field Development, KNOW ALL MEN BY THESE PRESENTS,that Inc. ,a corporation organized under I the laws of the State of WA ,and registered to do business in the State of Washington as a contractor,as Principal,and International Fidelity* ,a corporation organized *Insurance Company under the laws of the State of N.J. and registered to transact business in Ithe State of Washington 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 I are similarly held and bound unto the beneficiaries of the trust fund created by RCW Chapter 60.28,in the sum of One Hundred Ninety Two** Dollars($ 192,363.50 )plus five(5%)percent of any increases that may occur under the Contract(as defined below),the payment of which,well and truly to I be paid,we bind ourselves,our heirs,executors and successors,jointly and severally,formally by these presents. **Thousand Three Hundred Sixty Three and 50/100 Dollars THE CONDITIONS OF THE ABOVE OBLIGATION ARE THAT: IWHEREAS,on May 15,2019 ,the Principal executed a contract #2019-054 (the"Contract") with the City known as: IPROJECT NAME:PHIL JOHNSON BALLFIELDS RENOVATION I CONTRACT NUMBER:2019-054 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"; WHEREAS,the Principal requested that the City accept a retainage bond and release earned retained funds to Principal,as allowed under RCW Chapter 60.28;and INOW,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 I 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. IPROVIDED,HOWEVER, it is expressly understood and agreed that: 1. Any suit or action under this bond must be instituted within the time period,if any, provided by applicable law. The bond shall be subject to all claims and liens provided for by law or IContract against the earned retained funds and in the same manner and priority as set forth for retained percentages in RCW Chapter 60.28 and the Contract. I I Phil Johnson Ballfields Renovation lof3 I Provided to Builders Exchange of WA, Inc. For usage Conditions Agreement see www.bxwa.com - Always Verify Scal