Retainage Option by yDCfAZsM

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									                                Construction & Planning Services
                                101 Rozell
                                Cheney, WA 99004-2464



                                                                   Contract Number: ______________________
                                                                   Project: ______________________________
RETAINAGE OPTION                                                           ______________________________
                                                                   Contractor: ___________________________


Pursuant to RCW 60.28.011, your company is required to exercise your selection, in writing, of the
several options described hereinafter for reserving the retained monies due your company on this
contract until project completion is achieved. Return completed form with signed copies of contract
and other documents noted in the Procedures for Executing Public Works Contracts. If the retained
monies are to be invested, your company must entered into an escrow agreement with a bank, trust, or
savings and loan company, and Eastern Washington University on a form provided by the Office of the
Controller, Eastern Washington University, 319 Showalter Hall, Cheney, WA 99004-2445.

On contracts of twenty-five (25) thousand dollars or less, the waiver of a payment and performance
bond option may be invoked. If the Contractor chooses to exercise the waiver of payment and
performance bond, then the right to invest the retainage monies is relinquished. The Contractor shall
acknowledge same by appropriately completing and returning this form.

CONTRACTOR’S OPTION

____     I do not require the retainage on the above contract to be invested.

____     I request that the retainage on the above contract be invested in either an interest bearing
         account or in escrow.

____     I will provide a bond for the contract retainage in a form acceptable to Eastern Washington
         University. It is understood that retainage will be withheld from all payment applications until
         an acceptable retainage bond is provided, at which time all retainage will be released.

____     I have exercised the payment and performance bond waiver option and relinquish my option
         for retainage investment (i.e., retainage monies will not be invested).



______________________________________                               _____________________________
            (Signature)                                                          (Date)

______________________________________
            (Title)


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