Exhibit I Surety Bond in Lieu of Retainage.pdf

Fiber to the Premises (FTTP) - Fiber Optic Construction Services RFP No.: 2026004

EXHIBIT I

SURETY BOND IN LIEU OF RETAINAGE

RFP NO: 2026004

FIBER TO THE PREMISES (FTTP) - FIBER OPTIC CONSTRUCTION SERVICES

(Note: Contractor must use this form.)

KNOW ALL BY THESE PRESENTS: That _________________________________________, a _________________________ authorized to do business in the State of Oregon, 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 Oregon, as Surety, are jointly and severally held and bound to

______________________ ("Obligee") and ______________________________ ("Owner"), and their lenders, heirs, executors, administrators, successors and assigns in the penal sum of

$__________________________, plus ______ % (not more than five percent) of any increases in the contract amount that may occur because of change orders or increases in the quantities of or that addition of any new item of work.

WHEREAS the Principal has executed a contract for _____________________________ with the Obligee; and

WHEREAS Oregon law allows the Obligee to withhold from the Principal a sum equivalent to

_________ % (not more than five percent) from moneys the Principal earns on estimates or progress payments during the progress of the work ("Earned Retained Funds"); and

WHEREAS the Principal has requested that the Obligee or Owner accept a surety bond in lieu of

Earned Retained Funds as allowed under ORS 279C.560 or 701.435;

NOW, THEREFORE, this obligation is such that the Surety and the Surety’s successors and assigns are held and bound to Obligee, Owner and any lender, and to all beneficiaries for the sum set forth in the first paragraph of this retainage surety bond. This surety bond and any proceeds from this surety bond are subject to all claims and liens by the Obligee against the Principal in the same manner and priority as specified for retainage under ORS 279C.550 to 279C.570, 279C.600 to 279C.625 and 701.420, as applicable. The condition of this obligation is such that if the Principal satisfies all payment obligations to any Obligee that may lawfully claim against project sums due to the Principal and indemnify and hold the Obligee harmless from any and all loss, costs and damages that the Obligee may sustain by release of the retainage to the Principal or Surety, this obligation is null and void if the Obligee notifies the Surety that the Obligee released the obligation. The obligation otherwise remains in full force and effect.

IT IS HEREBY DECLARED AND AGREED that the Surety is liable under this obligation in the same manner and to the same extent as is Principal. The Surety will not be discharged or released from liability for any act, omission or defense of any kind or nature that would not also discharge the Principal.

Fiber to the Premises (FTTP) - Fiber Optic Construction Services RFP No.: 2026004

IT IS HEREBY FURTHER DECLARED AND AGREED that this obligation is binding upon and inures to the benefit of the Principal, the Surety, the Obligee, the Owner, any lender and the beneficiaries of this obligation and their respective heirs, executors, administrators, successors and assigns.

SIGNED AND SEALED this ______________ day of _____________, 20________________

Principal ______________________________ Surety ________________________________

Name _________________________________ Name ________________________________

Title __________________________________ Title _________________________________

Address _______________________________ Address _______________________________

City/State/Zip __________________________ City/State/Zip ___________________________

Phone ________________________________ Phone __________________________________

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