Declaration of Option for Management of Statutory Retained Percentage

Note: This form must be submitted at the time the Contractor executes the contract. Contractor shall designate the option desired by checking the appropriate space.

Monies reserved under provisions of Chapter 60.28 RCW, at the option of the Contractor, shall be:

(1) Retained in a fund by the Owner.

(2) Deposited by the Owner in an interest-bearing account in a bank, mutual savings bank or savings and loan association.

* (3) Placed in escrow with a bank or trust company by the Owner. When the monies reserved are to be placed in escrow, the Owner will issue a check representing the sum of the monies reserved payable to the bank or trust company and the Contractor jointly. Such check shall be converted into bonds and securities chosen by the Contractor and approved by the Owner and the bonds and securities held in escrow.

The Contractor in choosing option (2) or (3) agrees to assume full responsibility to pay all costs which may accrue from escrow services, brokerage charges or both, and further agrees to assume all risks in connection with the investment of the retained percentages in securities.

Contractor Signature Date

*For the convenience of those Contractors choosing option (3) a City approved Form of Escrow Agreement is available upon request. The Contractor is not required to use this Escrow Agreement form, however, alternative forms will need to be approved prior to execution by the City.