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08-22-22-R
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08-22-22-R
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8/19/2022 7:50:21 AM
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3.03 Liquidated Damages: Contractor and Owner recognize that time is of the essence as stated above <br /> and that Owner will suffer financial and other losses if the Work is not completed and Milestones <br /> not achieved within the times specified in Paragraph 3.01 above, plus any extensions thereof <br /> allowed in accordance with the Contract. The parties also recognize that delays, expense, and <br /> difficulties involved in proving in a legal or arbitration proceeding the actual loss suffered by Owner <br /> if the Work is not completed on time. Accordingly, instead of requiring any such proof, Owner and <br /> Contractor agree that as liquidated damages for delay, but not as a penalty; <br /> A. Substantial Completion: Contractor shall pay Owner $200.00 for each day that expires after <br /> the time specified in Paragraph 3.01 above for Substantial Completion until the Work is <br /> substantially complete, as duly adjusted pursuant to the Contract. <br /> B. Completion of Remaining Work: After Substantial Completion, if Contractor shall neglect, <br /> refuse, or fail to complete the remaining Work within the Contract Time for completion and <br /> readiness for final payment, as duly adjusted pursuant to the Contract, Contractor shall pay <br /> Owner$300.00 for each day that expires after such time until the Work is completed and ready <br /> for final payment. <br /> C. Liquidated damages for failing to timely attain Substantial Completion and final completion are <br /> not additive and will not be imposed concurrently. <br /> ARTICLE 4—CONTRACT PRICES <br /> 4.01 The Owner shall pay the Contractor for the performance of this Agreement according to the <br /> schedule of approximate quantities and unit prices as set out in the Contract Documents submitted <br /> by the Contractor on 8-1 6-2022 , the aggregate of which is estimated to be $70,220.00 <br /> 4.02 The Contract shall include items as provided on the Proposal Form. <br /> 4.03 Payment is based an amount equal to the sum of the extended prices, established for each <br /> separately identified item of Unit Price Work by multiplying the unit price times the actual quantity <br /> of that item completed and accepted by the Engineer. <br /> 4.04 The extended prices for Unit Price Work set forth as of the Effective Date of the Contract are based <br /> on estimated quantities. As provided in Paragraph 13.03 of the General Conditions, estimated <br /> quantities are not guaranteed, and determination of actual quantities and classifications are to be <br /> made by the Engineer. <br /> ARTICLE 5— PAYMENT PROCEDURES <br /> 5.01 Progress Payments: Owner shall make progress payments on account of the Contract Price on <br /> the basis of Contractor's Applications for Payment on or about the 10t" day of each month during <br /> performance of the Work as provided in Paragraph 5.02 below, provided that such Applications for <br /> Payment have been submitted in a timely manner and otherwise meet the requirements of the <br /> Contract. All such payments will be measured by the Schedule of Values established as provided <br /> in the General Conditions (and in the case of Unit Price Work based on the number of units <br /> completed)or, in the event there is no Schedule of Values, as provided elsewhere in the Contract. <br /> 5.02 Retainage: Prior to Substantial Completion, progress payments will be made in an amount equal <br /> to the percentage indicated below but, in each case, less the aggregate of payments previously <br /> made and less such amounts as Owner may withhold, including but not limited to liquidated <br /> damages, in accordance with the Contract. <br /> A. Ninety five (95) percent of Work completed (with the balance being retainage). <br /> 5.03 Upon Substantial Completion, Owner shall pay an amount sufficient to increase total payments to <br /> Contractor to 100 percent of the Work completed, less such amounts set-off by Owner pursuant to <br /> Paragraph 15.01E of the General Conditions, and less 200 percent of Engineer's estimate of the <br /> value of Work to be completed or corrected as shown on the punch list of items to be completed or <br /> corrected prior to final payment. <br /> 2022 Tree Plan Project AGREEMENT <br /> PW-12-0014(2022) 2 of 5 <br />
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