10-10524 - Laserfiche WebLink

Browse Search

ARTICLE 2 - DATE OF COMMENCEMENT AND SUBSTANTIAL COMPLETION 2.1 Contract Time. Time being of the essence in the performance of this Agreement, the Work to be performed shall be commenced on or before May 17, 2010, and, subject to authorized adjustments by Change Order, Substantial Completion shall be achieved not later than 60 calendar days from the date of commencement. 2.2 Liquidated Damages. If the Contractor fails to substantially complete the work within 30 calendar days after the above agreed upon Date of Substantial Completion set forth in this Agreement (including any extension granted by the Owner in writing), then the Contractor agrees to pay the Owner, as liquidated damages, the sum of $0.00 per calendar day until Substantial Completion of the Work is actually achieved. Such amount is agreed upon as a reasonable measure of the damages that the Owner will sustain from the Contractor's failure to timely complete the Work. Owner and Contractor recognize the delays, expense and difficulties involved in providing in an arbitration or judicial proceeding the actual loss suffered by the Owner if the Work is not completed on time and accordingly, instead of requiring such proofs, they agree upon the above - stated amount as liquidated damages for delay (but not as a penalty). The foregoing liquidated damages shall be in lieu of all other monetary remedies that the Owner shall have in the event of the Contractor's delay in completing the Project. ARTICLE 3 - CONTRACT SUM 3.1 The Owner shall pay the Contractor in current funds for the Contractor's performance of the Contract the Contract Sum of Two Hundred Twenty Three Thousand One Hundred Twelve Dollars ($223,112.00), subject to additions and deductions as provided in the Contract Documents. 3.2 The Contract Sum is based upon the alternates attached as Exhibit "A ", if any, which are described in the Contract Documents and are hereby accepted by the Owner: ARTICLE 4 - PROGRESS PAYMENTS 4.1 Based upon Applications for Payment submitted to the Architect by the Contractor and Certificates for Payment issued by the Architect, the Owner shall make progress payments on account of the Contract Sum to the Contractor as provided below and elsewhere in the Contract Documents. The period covered by each Application for Payment shall be one calendar month ending on the last day of the month. 4.2 Each Application for Payment shall be based upon the Schedule of Values submitted by the Contractor in accordance with the Contract Documents. The Schedule of Values shall allocate the entire Contract Sum among the various portions of the Work and be prepared in such form and supported by such data to substantiate its accuracy as the Architect may require. This Schedule, unless objected to by the Architect, shall be used as a basis for reviewing the Contractor's Applications for Payment. 4.3 Applications for Payment shall indicate the percentage of completion of each portion of the Work as of the end of the period covered by the Application for Payment. 2