HomeMy WebLinkAbout6190 -Retainage BondRETAINAGE BOND
Bond No, PBI2538600081
KNOW ALL MEN BY THESE PRESENTS, that Berschauer Construction Inc. as Principal
authorized to do business in the State of Washington and PhIladelphin Indempill InsuranceCompany
as Surety, a corporation organized and existing under the laws of the State of Pennsylvania
and authorized to transact business in the State of Washington as Surety, are jointly and severally held and bound unto
City of Bremerton as Obligee in the penal sum of
Thirty Nine Tbo sand Eight Hundred Ninety Four & Noil00ths---•-------------------
Dollars ( S3904.00 ), which is 5% of the Principal's bid,
WHEREAS, on the end day of December , 20_ 2 -, the said
Principal, herein, executed a contract with the Obligee, for
ltire Station #2 & IYre lotion #3 Dormito Remodel
WHEREAS, said contract and RCW 60.28 require the Obligee to withhold from the Principal the sum
of 5% from monies earned on estimates during the progress of the construction, hereinafter referred to as earned retained fund
AND NOW WHEREAS, Principal has requested that the Obligee not retain any earned retained funds as allowed under
RCW 60.28.
NOW, THEREFORE, the condition of this obligation is such that the Principal and Surety are held and bound unto the
beneficiaries of the trust fund created by RCW 60,28 in the penal sum of 5% of the final contract cost which shall include any
increases due to change orders, increases in quantities of work or
the addition of any new item of work. If the Principal shall use the earned retained funds, which will not be retained, for the trus
fund purposes of RCW 60,28, then this obligation shall be null and void; otherwise, it shall remain in full force and effect. This
bond and any proceeds therefrom shall be made subject to all claims and liens and in the same manner and priority as set forth
for retained percentages in RCW 60,28,
PROVIDED HOWEVER, that:
t . The liability of the Surety under this bond shall not exceed 5% of the total amount earned by the Principal if no monies
are retained by the Obligee on estimates during the progress of construction.
2. Any suit under this bond must be instituted within the time period provided by applicable law.
WITNESS our hands this zna day of December 2020
- - Berschauer Cons ru fion Inc.
By:
TO L—
J
Principal
Kaye Associates LLC dba Kaye Surety
Name and Address of Local Agent
1011E Maine Ave Suite Jul,Tacoma WA9 -
t
331
PHILADELPHIA INDEMNITY INSURANCE COMPANY
One Bala Plaza, Suite 100
Bala Cynwyd, PA 19004-0950
Power of Attantey
KNOW ALL PERSONS BY THESE PRESENTS: That PHILADELPHIA INDEMNITY INSURANCE COMPANY (the Company), a corporation organized and existing under the
laws of the Commonwealth of Pennsylvania, does hereby constitute and appoint Michael R. Highsmith Jennifer K Highsmith and Marie Poulin of Kaye Associates
LLCj its true and lawful Attorney -in -fact with full authority to execute on its behalf bonds, undertakings, recognizances and other contracts of indemnity and writings
obligatory in the nature thereof, Issued in the course of Its business and to bind the Company thereby, in an amount not to exceed $50.0000000.
This Power of Attorney is granted and is signed and sealed by facsimile under and by the authority of the following Resolution adopted by the Board of Directors Of
PHILADELPHIA INDEMNITY INSURANCE COMPANY on the 14111 of November, 2016.
RESOLVED: That the Board of Directors hereby authorizes the President or any Vice President of the
Company: (1) Appoint Attomey(s) in Fact and authorize the Attorney(s) in Fact to execute
on behalf of the Company bonds and undertakings, contracts of indemnity and other
writings obligatory in the nature thereof and to attach the seal of the Company thereto; and
(2) to remove, at any time, any such Attomey-in-Fact and revoke the authority given. And,
be it
FURTHER
RESOLVED: Tbat Ore signatures of such officers and the seal of the Company may be affixed to any
such Power of Attorney or certificate relating thereto by facsimile, and any such Power of
Attorney so executed and certified by facsimile signatures and facsimile seal shall be vand
and binding upon the Company in Ole future with respect to any bond or undertaking to
which it is attached.
IN TESTIMONY WHEREOF, PHILADELPHIA INDEMNITY INSURANCE COMPANY HAS CAUSED THIS INSTRUMENT TO BE SIGNED AND ITS
CORPORATE SEA LTO BE AFFIXED BY ITS AUTHORIZED OFFICE THIS 27ra DAY OF OCTOBBR, 2017.
S�
(Seal)
Robert D. O'Leary Jr, President & CEO
Philadelphia Indemnity Insurance Company
On Oris 2711 day of October, 2017, before me came the individual who executed dre preceding instrument, to me personally known, and being by me duly sworn said that
he is the dlerein described and authorized officer of the PHR.ADELPffiA INDEMNITY INSURANCE COMPANY; that the seal affixed to said instrument is the
Corporate seal of said Company; that the said Corporate Seal and his signature were duty affixed.
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I, Edward Sayago, Corporate Secretary of PHILADELPHIA INDEMNITY INSLRANCE COMPANY, do hereby certify that the foregoing resolution of 0te Hoard of
Drectors and the Power of Attomey issued pursuant thereto on the 2TI' day of October, 2017 me We and correct and are still in full force and effect I do further certify
that Robert D. O'Leary Jr, who executed the Power of Attorney as President, was on the date of execution of the attached Power of Attomey the duly elected President
of PHILADELPHIA INDEMNITY INSURANCE COMPANY. k
In Testimony Whereof I have subscribed my name and affixed the facsimile seal of each Company this _day of
'20 �
Edward Sayago, Corporate Secretary
PHILADELPFRA INDEMNITY INSURANCE COMPANY