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HomeMy WebLinkAbout18 Retainage Selection18. Retainage Selection CITY OF RENTON SE 172nd Street Green Stormwater Infrastructure Project SWP-27-4037 RETAINAGE SELECTION Per Standard Specifications Section 1-09.9(1) Retainage, and RCW 60.28, a sum of 5-percent of the monies earned by the Contractor will be retained from progress estimates. The retainage will be used as a trust fund for the protection and payment of (1) the State with respect to taxes, and (2) the claims of any person arising under the Contract. Retainage shall be placed in a fund held by the City (non-interest bearing), unless the Contractor selects a one of the options listed below and completes all arrangements needed for that option to the satisfaction of the City. Other retainage fund options: __ 1. Deposited by the City in an escrow account (interest bearing) in a bank, mutual savings bank, or savings and loan association. Deposits will be in the name of the Contractor and bank; and are not allowed to be withdrawn without the City’s written authorization, or __ 2. The City, at its’ option, may accept a bond from the Contractor in lieu of retainage. If the Contractor selects option 1 or 2 it is fully responsible for selecting the bank or association to be used, and for making all arrangements and paying all costs associated with that option. All arrangements and forms needed for option 1 or 2 shall be submitted to the City for review and approval. Release of the Retainage will be made 60 days following the Completion Date provided the conditions in Special Provisions Section 1-09.9(1), and applicable State Regulations, are met. SIGNED:_________________________________________________ PRINT NAME:_________________________________________________ COMPANY:_________________________________________________ DATE:_________________________________________________