Reso 2016-2525 - Laserfiche WebLink

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2.3 Time is of the essence throughout this Agreement. 2.4 Upon failure of Contractor to achieve Final Completion of the Work no later than March 31, 2017, or achieve Substantial Completion no later than March 1, 2017, plus any approved time extensions (if applicable), Contractor shall pay to the City the sum of Two Thousand Dollars ($2,000.00) for each calendar day beyond these deadlines. These amounts are not penalties but are liquidated damages to the City for its inability to obtain beneficial occupancy and/or use of the Project. Liquidated damages are hereby fixed and agreed upon between the parties, recognizing the impossibility of precisely ascertaining the amount of damages that will be sustained by the City as a consequence of such delay, and both parties desiring to obviate any question of dispute concerning the amount of said damages and the cost and effect of the failure of Contractor to complete the Work on time. 2.5 The City is authorized to deduct liquidated damages from monies due to Contractor for Work under this Agreement or as much thereof as the City may, in its sole discretion, deem just and reasonable. 2.6 Contractor will promptly perform its duties under the Contract Documents and will give the Work as much priority as is necessary to cause the Work to be completed on a timely basis in accordance with the Contract Documents. Time is of the essence of this Agreement. All Work shall be performed strictly (not substantially) within the time limitations necessary to meet all deadlines established in the Contract Documents. 2.7 All dates and periods of time set forth in the Contract Documents, including those for the commencement and completion of the Work, and for the delivery and installation of materials and equipment, were included because of their importance to the City. 2.8 Contractor acknowledges and recognizes that the City is entitled to full and beneficial occupancy and use of the Project following expiration of the Time for Completion. 2.9 Contractor agrees to the assessment of liquidated damages as provided in this Agreement. 2.10 Except for extensions approved in writing by the City, Excusable Delays, or as otherwise specifically provided in this Agreement, the Contractor understands that the occurrence of events of delay within the Contractor's reasonable control shall not excuse the Contractor from its obligation to achieve Final Completion of the Work within the time stipulated in this Agreement, and shall not entitle the Contractor to an adjustment of the Contract Amount. All parties under the control or contract with the Contractor shall include, but are not limited to, subcontractors, materialmen and/or laborers. 2.11 In the event that the Contractor achieves certification by the Engineer of Record or the City's designated representative of Final Completion prior to March 31, 2017, the City shall pay to the Contractor the sum of Three Thousand Three Hundred Dollars ($3,300.00) for each calendar day that Final Completion is certified in advance of the scheduled Final Completion date of March 31, 2017. If this Final Completion deadline of March 31, 2017, is not strictly met the early completion bonus shall not apply. Notwithstanding the foregoing,this Early Completion Bonus shall only apply for Work completed on Collins Avenue, and it shall be within the City's sole and absolute discretion to decide whether or not the Contractor has met all terms and conditions of the Contract Documents sufficient to confirm that Contractor has obtained Final • 3 s6B