01-30-1980 Council Minutes - Laserfiche WebLink

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' , , � � Page 22 Mr . R. W. Frank January 25 , 1980 Page Three The contractor said that he will work first and only on our project until it is completed. Estimated completion date is July l, 1980 . The city is willing to release the funds as requested at this time as long as it is agreed by Buffalo Bituminous , Inc . and the bonding company as follows : l. The release of the funds does not in any way mean that the city is forgiving the default or that the city is waiving any of its rights to claim liquidated damages now or in the future. 2. There may be additional expenses incurred by the city because of the breach such as the need to obtain extensions on right of entry agreements which were previously predicated on a November 15 , 1979 completion date, which has now expired. 3. The bonding company and the contractor agree that the performance bond will cover any liquidated damages as is provided for in the contract. 4. The city' s release of the monies presently or in the future in response to other requests for payment from the con- tractor will in no way affect the validity of any portion of the contract. 5. The contractor and the bonding company waive any rights to claim that there is any damage to either of them or interest due to them from the city based upon the city ' s withholding of the present funds beyond the 10� retainage pursuant to the contract. In the event that both parties agree to the terms outlined in this letter, the city will release the payment outlined under request for payment number 5 . Please return a fully executed copy of this letter. If you have any questions , please call me. Very truly yours, f� i% Walter . �e7ison, Clerk/Administrator WRB: ss cc: Bruce D. Malkerson, City Attorney Buffalo Bituminous, Inc. Walter Johnson, Attorney for Buffalo Bituminous , Inc.