24-25-728 Attachment 11 RetainageBondForm.pdf
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- Solicitation number
- 2025-728
- Issued by
- King County, Washington
About this file
This document is a Retainage Bond Example form for the Bellevue College Parking Garage Update project in Washington State, serving as Attachment 11 to the GC/CM solicitation (RFQ-RFP Phase 1). The retainage bond allows contractors to substitute a surety bond in place of the standard 5% retainage withholding from contract payments, as authorized under Washington Revised Code of Washington (RCW) Chapter 60.28. The bond covers the retained funds plus an additional 5% of any increases to the contract amount resulting from change orders, quantity increases, or addition of new work items. The form is applicable to both general contractors/construction managers and subcontractors working on the project.
The bond structure requires both the principal contractor and a surety company authorized to transact business in Washington State to execute the obligation jointly and severally. The surety assumes full liability equivalent to the principal and cannot be discharged from the obligation by any act or omission that would not similarly discharge the principal. The bond remains in effect and subject to all claims and liens under RCW 60.28 until the surety receives notification from the obligee that all payment obligations to beneficiaries of the trust fund have been satisfied and the State of Washington releases the obligation. This mechanism protects all parties with lawful claims under the trust fund while allowing contractors to access withheld funds through bonding rather than payment deferral.
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Attachment 11: Retainage Bond Example
RETAINAGE BOND
KNOW ALL MEN BY THESE PRESENTS: That we , a corporation existing 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 , , a corporation organized and existing under the laws of the State of and authorized to transact the business of surety in the State of Washington, as Surety, are jointly and severally held and bound unto Company, hereinafter called and the State
Of Washington, hereinafter called State, as Obligee, and are similarly held and bound unto the beneficiaries of the trust fund created by RCW 60.28 as their heirs, executors, administrators, successors and assigns, in the penal sum of ___________________________ ($________) plus
5% of any increases in the contract amount that have occurred or may occur, due to change orders, increases in the quantities or the addition of any new item of work.
WHEREAS, on the ___ day of ________, the said Principal herein entered in to , Contract No. _________ for work under Contract No. .
WHEREAS, said contract and RCW 60.28 require to withhold from the
Principal the sum of 5% from monies earned by the Principal on estimates during the progress of the work, hereinafter referred to as earned retained funds.
WHEREAS, the Principal has requested that accept a bond in lieu of earned 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 and the State 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 satisfy all payment obligations to persons who may lawfully claim under the trust fund created pursuant to Chapter 60.28 RCW, to and the State, and indemnify and hold and the State harmless from any and all loss, costs, and damages that and the State may sustain by release of said retainage to Principal, then this obligation shall be null and void, provided the Surety is notified by that the requirements of RCW
60.28.021 have been satisfied and the obligation is duly released by and the
State.
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 State, 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 and said Surety have caused these presents to be duly signed and sealed this ___ day of _________, 20__.
GC/CM Contractor Prime Sub-Contractor
By By
Principal Principal
Address: Address:
City/Zip: City/Zip:
Phone: Phone:
Bonding Company
By
Attorney-In-Fact
Address:
City/Zip:
Phone:
GCCM retainage bond
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