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2 3. CONTRACT PRICE. Owner shall pay Contractor for completion of the Work, in accordance with the Contractor’s quote. The Contact Price of the awarded Contract is $__$86,353.00__. Contract Price is subject to adjustment based on the provisions of the Contract, including but not limited to those governing changes, Unit Price Work, and Work performed on a cost-plus-fee basis, as applicable. 4. ASSIGNMENT. Neither party may assign, sublet, or transfer any interest or obligation in this Contract without the prior written consent of the other party, and then only upon such terms and conditions as both parties may agree to and set forth in writing. 5. TIME OF PERFORMANCE. Work shall not begin until 2 weeks prior to scheduled playground installation date. Contractor to coordinate with Playground Installer on timing and sequencing of work being completed under a separate contract. Upon initiation of construction, the contractor shall complete all work within 30 calendar days. Project shall be completed during the spring/summer/fall 2025 construction season. Assuming no delays due to playground installation, work shall be completed no later than September 12, 2025. NOTE: If the obligations are not complete within said time period or date, the Contractor agrees to pay $500 (or other amount) per day not as penalty but as liquidated damages until its obligations are complete. 6. PAYMENT. When the obligations of the Contractor have been fulfilled, inspected, and accepted, the City will pay the Contractor. Such payment shall be made not later than thirty (30) days after completion, certification thereof, and invoicing by the Contractor. 7. PROMPT PAYMENT TO SUBCONTRACTORS. A. Pursuant to Minnesota Statute § 471.25, Subd. 4a, the Contractor must pay any subcontractor within ten (10) days of the Contractor’s receipt of payment from the City for undisputed services provided by the subcontractor. The Contractor must pay interest of one and one-half percent (1'Zz %) per month or any part of a month to subcontractor on any undisputed amount not paid on time to the subcontractor. The minimum monthly interest penalty payment for an unpaid balance of $100.00 or more is $10.00. For an unpaid balance of less than $100.00, the Contractor shall pay the actual penalty due to the subcontractor. A subcontractor who prevails in a civil action to collect interest penalties from the Contractor shall be awarded its costs and disbursements, including attorney’s fees, incurred in bringing the action. B. Form IC-134 required from general contractor. Minn. Stat. § 290.92 requires that the City of Arden Hills obtain a Withholding Affidavit for Contractors, Form IC-134, before making final payments to Contractors. This form needs to be submitted by the Contractor to the Minnesota Department of Revenue for approval. The form is used to receive certification from the state that the vendor has complied with the requirement to withhold and remit state withholding taxes for employee salaries paid. 8. CONTRACTOR’S REPRESENTATIONS. A. Contractor has examined and carefully studied the Contract Documents and