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County to accept bond in lieu of 5% retainage for Dike Road project
Summary
County Engineer Susan Eugenis told the board the contractor for the Dike Road reconstruction will provide a bond equal to the usual 5% retainage in place of the county holding that cash; the bond will be held until project releases are complete.
County Engineer Susan Eugenis told commissioners the county routinely holds 5% retainage on public-works contracts that do not have federal funding to cover liens or disputes, but will accept an equivalent bond from a contractor instead of withholding cash. She said North Cascade Excavating has requested a bond in lieu of retainage for the Dike Road reconstruction project and the county would accept and hold that bond until all releases are complete.
Eugenis said the bond mechanism protects the county’s financial interest (for taxes and other obligations) while allowing the contractor to avoid cash retainage; she confirmed the bond will remain in place until the project is finished and all releases come through.
