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BondNo. WAl01827 <br />RETAINAGE BOND <br />KNOW ALL MEN BY THESE PRESENTS that we Concord Construction. Inc. <br />a corporation under and by virtue of the laws of the State of Washington and authorized <br />to do business in the State of Washington, as Principal, and <br />Merchants Bonding Company (Mutual), a corporation organized and existing under the <br />laws of the State of Iowa and authorizedto transact business of surety in the State of <br />Washington, as Surety, are jointly and severally held and bound unto <br />Kittitas County <br />hereinafter referred to as Obligee, as Obligee, and are similarly held and bound unto the <br />beneficiaries of the trust fund created by RCW 60.28 and their heirs, executors, <br />administrators, successors and assigns, in the penal sum of Seventy Eight Thousand Eight <br />Hundred Sevent_v and no/100 Dollars ($78,870.00) plus 5Yo of any increases in the <br />contract amount that have occuired,or may.occur, due'to change orders, increases in the <br />quantities or the addition of any new item of work. <br />WHEREAS, on the /er day of Decanher ,2022 , the said Principal herein <br />executed a con',ract with Kittitas County <br />For tas <br />WHEREAS, said contract and RCW 60.28 require the Obligee to withhold from the <br />Principal the sum of 5%o from monies eamed by the Principal on estimates during the <br />progress of the work, hereinafter referred to as earned retained funds. <br />WHEREAS, the Principal has requested that the Obligee accept a bond in lieu of eamed <br />retained funds as allowed under Chapter 60.28 RCW. <br />NOW THEREFORE, this obligation is such that the Surety, its successors and assigns are <br />held and bound unto the Obligee and unto all beneficiaries of the trust fund created by <br />RCW 60.28.011(1) in the aforesaid sum. This bond, including any proceeds therefrom, is <br />subject to all claims and liens and in the same manner and priority as set forth for <br />retained percentages in Chapter 60.28 RCW. The condition of this obligation is also that <br />if the Principal shall satisff all payment obligations to persons who may lawfully claim <br />under the trust firnd created pursuant to Chapter 60.28 RCW, to the Obligee, and <br />indemnifr and hold the Obligee harmless from any and all loss, costs and damages that <br />the Obligee may sustain by release of said retainage to the Principal, then this obligation <br />shall be null and void, provided the Surety is notified by the Obligee that the <br />requirements of RCW 60.28.02I have been satisfied and the obligation is duly released <br />by the Obligee.