03-12-1984 Council Packet - Laserfiche WebLink

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Aft 9.6 LIQUIDATED DAMAGES 9.6.1 Time is the essence of the contract. The Contractor thereby agrees that the Owner will be entitled to damages for failure on the part of the contractor to complete the Work within the time: limits provided for in the Contract Documents. 9.6.2 Should the Contractor fail to complete the project on or be- fore the specified date, liquidated damages in the amount specified in the Special Provisions shall be deducted from any monies due or coming due to the Contractor or shall be paid to the Owner not as a penalty but as liquidated damages for each and every calendar day that the contract rihall remain uncompleted after the specified date for completion. Liquidated damages are specified herein because of the extreme difficulty of ascertaining and establishing the actual. damages which the Owner would sustain. SECTION 10 MEASUREMENT AND PAYMENT 10.1 DETAILED BREAKDOWN OF CONTRACT AMOUNT Except in cases where unit prices form the basis for payment unde-: the Con- tract Documents, the Contractor shall, within zen (10) da�,s of receipt of the Contract Documents, submit an itemized breakdown of the Contrast Amount having the value, in�:ludi.ng an allowance for profit and overhead, assi-,ned to each part of the Fork. Unless the breakdown of the Contract Amount is objected to by the Owner, it shall be used as the basis for all Requests f,r Payment. 10.2 RE UFST FOR PAYMENT The Contractor may submit periodically, but not more than on--e each month, a Request f..)r Payment for• Work done and materials delivered a,.d stored on the site. Payment for materials stored on the site will be --oriitioned on the following: (a) The Contractor shell submit evidence to estab ish the Owner's title+ to such materials. (b) Acceptable provisions have been made- for st,cage. '%c) The Contractor shall provide and me.intain itsurance against all loss, theft, vandalism, damage and similar peril for the full value of the stored material. 'The insurarce on th., stored material sha?1 name the Owner as insured. - 31 - 3595a 4/81