Laserfiche WebLink
02 / 10 ,121005 03 : 01 7727942097 SUMMIT CCDrJSTRtJC, 1` 0tj FAuE 01 <br /> IRC GQUXJV 41TQRNE ' r <br /> PAGE 02 <br /> • ARTICL@ 4 , CONTRACT TIMES <br /> 4, 01 71me ofth6 ESsence <br /> K Substsntiat Completion , and cornpi9tion and readiness <br /> A. All three Iimltt for Milestot Sr Ory <br /> for Mel peyrraer�l as staled in 'he C,t><stract Doe� tmentt3 Oro of tt1� essence Of tht► Cantr <br /> 4 , 02 Dates for SosIgint>ial Completion and Fine' POYMOnt <br /> day$ for substandat oomplSbOn and �+5 days far <br /> A. The Contract has Hfivcaeted ,�QQ Y <br /> readiness of final payrnent of this project. -11- 6AH0tll1M <br /> �Y at to ntiat Teti rift )brs set Eoc�s in t:Jt lV tiC;e to proceed * <br /> i Ill 4S3 `� Zto(csg <br /> 4 . 03 Liquidated Demegees <br /> A . CONTRAC - OR and OWNER recognize that time is of the essence of this Agreement and <br /> that OWNER 411 suffer financial lost; if the Work Is not completed withii the times specified in <br /> parapreph 4. 02 above , p1Ls any extensions thereof slkmed in accordance with Arsde 12 of <br /> the Onnoral C 6nditlonr: _ The parties also recxgnize the delays, expense, and difficulties <br /> involved In proving in a legal or arbitra:etion proceedlhg the actual have suffered by OWNER if <br /> the Wank is notjco ►npieti�d on Orae , Accordingly, instead of requiriry any such proof, OWNER <br /> and CONTP.ACTOR agree that as liquidated damages for delay ( but not as a penalty), <br /> CONTRACTOR shall pay OWNER $AL0. 00 for each day that expires after the time specified <br /> in paragr>teph 4 02 for Substantial Completion until the Work is substari.tiaily complete After <br /> Substantfel Completion, if CONTRACTOR shall neglect, refuss , pr fail to complete the <br /> remalning Work within the Contreict 'Gime Or any proper extension, thereof granted by <br /> • OWNER , CONTRACTOR Shall pay OWNER S.4" for eaGn day that expires after the time <br /> specified in perregraph 4 . 02 for comptatinn and readiness for final payr ent until the Worts ice <br /> completed and ready for final payment . <br /> ARTICLE 5 - CONTRACT PRICE <br /> 5. 01 OWNER shall pay CONrF+ 4 � �'OR for oornpletion of the Work in accordance with the <br /> Contract documenm an amount Ir current funds equal to the sum of the amounts dattsrmined <br /> pursusnt to paragraphs 5 , 01 . A , 5 . 01 . 84 and 5 „ 71 . 0 below, <br /> A For all Werk. , .at the prices stated in CONTR.ACTOR's Bid , attached hereto as at! exhibit . <br /> ExHIaI �r `A” � CONTRACT PRICES <br /> ARTICLE 0 - PAYMENT PROCEDURES <br /> 8 . 01 Submittet and Processing of Pdymarnts <br /> A. CONTRACTOR ah &ll submit Applications for Payment in accordance with r'trtide 1 .4 of the <br /> 3enerai ComdlWns , Applioaticns for Payment shag be Arc ed by ENGINEEFt as pravided in <br /> the general Condhions , <br /> IRC OPERATIONS ebMpLex <br /> 006RO - 2 00520 -, Agreament <br />