040-23 - Miles Resources, LLC - Contract Exhibit CContractor: M ( �'(
Project Name: G i
5% RETAINAGE INVESTMENT OPTION'
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EXHIBIT C
Date, Project Number: P V 61�✓ —003
Pursuant to RCW 60.28.010, as amended, you may exercise an option as to how the 5% retainage under this
contract will be invested. Please complete and sign this form indication your preference. If you fail to do so
you will miss the benefit of any interest earned. Select one of the following options:
1. Savings Account: Money will be placed in an interest -bearing account. The interest will be
paid to you directly, rather than kept on deposit. If this is your choice, then please complete
attached SAVINGS ACCOUNTAGREEMENT. Please state the name of your bank.
Bank:
❑ 2. Escrow/Investments: The City will deliver retainage checks to a selected bank, pursuant to an
escrow agreement. The bank will then invest the funds in securities or bonds selected by you, and
interest will be paid to you as it accrues. If this is yourchoice, then please complete attached ESCROW
AGREEMNT.
Preferred Bank:
Securities/Bonds:
❑ 3. Guarantee Deposit: Retainage will be held by the City. No interest is payable to the Contractor.
Retainage is normally released 45 days after final acceptance of the work or following receipt of Labor and
Industries/Department of Revenue clearance, whichever date is the later. Retainage on landscaping work
may be longer, due to its seasonal nature. However, if this project is subject to grant funding, then the
retainage may also be held until such time as the Contractor meets its obligations to the City to provide
required information and documentation for compliance with the grant funding requirements.
State law allows for limited early release of retainage in certain circumstance.
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' If the Contractor opts to post a retainage bond under RCW 60,28.011, such bond shall be in a form acceptable to the
City, shall be with a surety with a minimum of A.M. Best financial strength rating of a minimum of A-.
Rev 3A 91221R
City of Port Orchard 2023 City wide Asphalt Repair PROJECT # PW2023-003
Contract #
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