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HomeMy WebLinkAboutRetainage BondBondNo. WAl01827 RETAINAGE BOND KNOW ALL MEN BY THESE PRESENTS that we Concord Construction. Inc. a corporation under and by virtue of the laws of the State of Washington and authorized to do business in the State of Washington, as Principal, and Merchants Bonding Company (Mutual), a corporation organized and existing under the laws of the State of Iowa and authorizedto transact business of surety in the State of Washington, as Surety, are jointly and severally held and bound unto Kittitas County hereinafter referred to as Obligee, as Obligee, and are similarly held and bound unto the beneficiaries of the trust fund created by RCW 60.28 and their heirs, executors, administrators, successors and assigns, in the penal sum of Seventy Eight Thousand Eight Hundred Sevent_v and no/100 Dollars ($78,870.00) plus 5Yo of any increases in the contract amount that have occuired,or may.occur, due'to change orders, increases in the quantities or the addition of any new item of work. WHEREAS, on the /er day of Decanher ,2022 , the said Principal herein executed a con',ract with Kittitas County For tas WHEREAS, said contract and RCW 60.28 require the Obligee to withhold from the Principal the sum of 5%o from monies eamed by the Principal on estimates during the progress of the work, hereinafter referred to as earned retained funds. WHEREAS, the Principal has requested that the Obligee accept a bond in lieu of eamed retained funds as allowed under Chapter 60.28 RCW. NOW THEREFORE, this obligation is such that the Surety, its successors and assigns are held and bound unto the Obligee and unto all beneficiaries of the trust fund created by RCW 60.28.011(1) in the aforesaid sum. This bond, including any proceeds therefrom, is subject to all claims and liens and in the same manner and priority as set forth for retained percentages in Chapter 60.28 RCW. The condition of this obligation is also that if the Principal shall satisff all payment obligations to persons who may lawfully claim under the trust firnd created pursuant to Chapter 60.28 RCW, to the Obligee, and indemnifr and hold the Obligee harmless from any and all loss, costs and damages that the Obligee may sustain by release of said retainage to the Principal, then this obligation shall be null and void, provided the Surety is notified by the Obligee that the requirements of RCW 60.28.02I have been satisfied and the obligation is duly released by the Obligee. Page2 of2 IT IS HEREBY DECLARED AND AGREED that the Surety shall be liable under this obligation as Principal. The Surety will not be discharged or released from liability for any act, omission or defenses of any kind or nature that would not also discharge the Principal. IT IS HEREBY FURTHER DECLARED AND AGREED that this obligation shall be binding upon and inure to the benefit of the Principal, the Surety, the Obligee, the beneficiaries of the trust fund created by Chapter 60.28, Revised Code of Washington (RCW) and their respective heirs, executors, administrators, successors and assigns. IN WITNESS WHEREOF. said Principal andsaid SurpW have caused these be duly signed and sealed tn f * i"y ot Dacarnbir , 2P22 presents to Concord Construction. Inc. By Karl J. Lieberknecht,Principal President Merchants Bondins (Mutual) S. Kuich Attomey-in-fact Surety By fvtEncru{Ni$t\ B()NI)ING C(}JVIPANY'. POWER OF ATTORNEY KnowAll Persons By These Presents, that MERCHANTS BONDING COMPANY (MUTUAL) and MERCHANTS NATIONAL BONDING, lNC., both being corporations of the State of lowa (herein collectively called the "Companies") do hereby make, constitute and appoint, individually, Amanda lvey; Andy D Prill; Annette Troseth; Carol Lowell; Chad M Epple; Daniel Keen; Dean R Young; Emma C Doleshei; Heather L Allen; Jennifer Schultz; JimSKuich; JimWDoyle; Michael AMurphy; NatalieCChau; SMScott; SarahHBehrens; SteveWagner; TedBaran; TheresaALamb their true and lSwful Attorney(s)-in-Fact, to sign its name as surety(ies) and to execute, seal and acknowledge any and all bonds, undertakings, contracts and other written instruments in the nature thereof, on behalf of the Companies in their business of guaranteeing the fidelity ofpersons, guaranteeing the performance of contracts and executing or guaranteeing bonds and undertakings required or permitted in any actions or proceedings allowed by law. This Power-of-Attorney is granted and is signed and sealed by facsimile under and by authority of the following By-Laws adopted by the Boardof Directors of Merchants Bonding Company (Mutual) on April 23,2011 and amended August 14, 2015 and adoptdi by the Board of Directors of Merchants National Bonding, lnc., on Octobet 16, 2015. "The President, Secretary, Treasurer, or any Assistant Treasurer or any Assistant Secretary or any Vice president shall have power and authority to appoint Attorneys-in-Fact, and to authorize them to execute on behalf of the Company, and attach the seal of the Company thereto, bonds and undertakings, recognizances, contracts of indemnity and otherwritings obligatory in the nature thereof." "The signature of any authorized officer and the seal of the Company may be affixed by facsimile or electronic transmission to any power of Attorneyor Certification thereof authorizing the execution and delivery of any bond, undertaking, recognizance, or other suretyship obligaiions of the Company, and such signature and seal when so used shall have the same force and effect as though manually fixed.' ln connection with obligations in favor of the Florida Department of Transportation only, it is agreed that the power and aut hority hereby given to the Attorney-in-Fact includes any and all consents for the release of retained percentages and/or final estimates on engineeiing and construction contracts required by the State of Florida Department of Transportation. lt is fully understood that consenting to the Siate of Florida Department of Transportation making payment of the final estimate to the Contractor and/or its assignee, shall not relieve this surety company of any of its obligations under its bond. ln connection with obligations in favor of the Kentucky Department of Highways only, it is agreed that the power and auihodty hereby given to the Attorney-in-Fact cannot be modified or revoked unless prior written personal notice of such intent has been given to the Commissioner- Department of Highways of the Commonwealth of Kentucky at least thirty (30) days prior to the modification or revocation. ln Wtness Wrereof, the Companies have caused this instrument to be signed and sealed this 11th day of July , 2022 (Expiration of notary's commission does not invalidate this instrument) I, William Warner, Jr., Secretary of MERCHANTS BONDING COMpANy (MUTUAL) certify that the above and foregoing is a true and conect copy of the POWER-OF-A force and effect and has not been amended or revoked. ln Witness Wtereof, I have hereunto set my hand and affixed the seal of the Companies on this MERCHANTS BONDTNG COMpANy (MUT UAL) MERGHAIS larroNnl BONDtNG, tNc.'/3-"fu Yrl,l4Wuuso-' (J Notary Public and MERCHANTS NATIONAL BONDING, INC., do hereby TTORNEY executed by said Companies, which is still in full /tri*x Qeceflb 2ozz "{"**e*g &*g6, o 0=$%. z.'. vi:'o'.*\. 1g3t iF..'.?.1:y,::!:,,.$$j STATE OF IOWA COUNTY OF DALLAS ss. On this 11th day of July 2022 , before me appeared Larry Taylor, to me personally known, who being by me duly sworndid say that he is President of MERCHANTS BONDING COMPANY (MUTUAL) and MERCHANTS NATTONAL BOND|NG, INC.; ind that theseals affixed to the foregoing instrument are the Cofporate Seals of the Companies; and that the said instrument was signed and sealed in behalf of the Companies by authority of their respective Boards of Directors. ttt o z oz POLLY MASON Commission Number 750576 My POA 0018 (1i20)rrl ,*$l? .2,'. v j ir,.t:._ 1933 j€.. 'ffjg;*:.::s' Secretary r r ,. � �Z •x• �a r...