2. Kindred truck route contract - Laserfiche WebLink

ARTICLE 4 . CONTRACT TIMES 4.0 I Time of the Essence A. All time limits for Milestones, if any, Substantial Completion, and completion and readiness for final payment as stated in the Contract Documents are of the essence of the Contract. 4.02 Dates for Substantial Completion and Final Payment A. The Work will be substantially completed on or before Aueust 1. 2006, and completed and ready for final payment in accordance with Paragraph 14.07 of the General Conditions on or before August 1. 2006. 4.03 Liquidated Damages A. Contractor and Ownerrecognize that time is ofthe essence ofthis Agreement and that Ov-ner will suffer financial loss ifthc Work is not completed within the times specified in Paragraph 4.02 above, plus any extensions thereof allowed in accordance with Article 12 of the General Conditions. The parties also recognize the delays, expense, and difficulties involved in proving in a legal or arbitration proceeding the actual loss suffered by Ov-ner if the Work is not completed on time. Accordingly, instead of requiring any such proof, Owner and Contractor agree that as liquidated damages for delay (but not as a penalty), Contractor shall pay Ov-ner amounts as soecified in the Soecial Provisions for each day that expires after the time specified in Paragraph 4.02 for Substantial Completion until the Work is substantially complete. After Substantial Completion, if Contractor shall neglect, refuse, or fail to complete the remaining Work within the Contract Time or any proper extension thereof granted by Ov-ner, Contractor shall pay Ov-ner amounts as soecified in the Special Provisions for each day that expires after the time specified in Paragraph 4.02 for completion and readiness for ftnal payment until the Work is completed and ready for ftnal payment. ARTICLE 5 . CONTRACT PRICE 5.01 Ov-ner shall pay Contractor for completion of the Work in accordance with the Contract Documents an amount in current funds equal to the sum of the amounts determined pursuant to Paragraphs 5.01.A below: A. For all Work, at the prices stated in Contractor's Bid, attached hereto as an exhibit. ARTICLE 6 . PAYMENT PROCEDURES 6.01 Submittal and Processing of Payments A. Contractor shall submit Applications for Payment in accordance with Article 14 of the General Conditions. Applications for Payment will be processed by Engineer as provided in the General Conditions. 6.02 Progress Payments; Retainage A. Ov-ner shall make progress payments on account of the Contract Price on the basis of Contractor's Applications for Payment on or about the 15th day of each month during performance of the Work as provided in Paragraphs 6.02.A.1 and 6.02.A.2 below. All such payments will be measured by the schedule of values established as provided in Paragraph 2.07.A of the General Conditions (and in the case ofUoit Price Work based on the number of units completed) or, in the event there is no schedule of values, as provided in the General Requirements: I. Prior to Substantial Completion, progress payments will be made in an amount equal to the percentage indicated below but, in each case, less the aggregate of payments previously made and less such amounts as Engineer may determine or Ov-ner may withhold, including but not limited to liquidated damages, in accordance with Paragraph 14.02 of the General Conditions: a. 90 percent of Work completed (with the balance being retainage). If the Work has been 50 percent completed as determined by Engineer, and if the character and progress of the Work have been satisfactory to Ov-ner and Engineer, Ov-ner, on recommendation of Engineer, may detennine that as long as the character and progress of the Work remain satisfactory to them, there will be no additional retainage: and EJCDC C-S20 Suggested Form of Agreement Between Owner and Contractor for Construction Contract (Stipulated Price) Copyright 8 1002 Natboal Society of ProCessional Engineen for EJCDC. All rights reserved. 00510-1