Reso 2011-1727 - Laserfiche WebLink

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the liquidated damages for substantial completion delays, liquidated damages for delay in final completion in the amount of Four Hundred Dollars ($400.00) per day for each and every calendar day that extends beyond the Scheduled Final Completion Date. Any sums due and payable hereunder by the Contractor shall be payable not as a penalty but as liquidated damages representing an estimate of delay damages likely to be sustained by City as a result of the delay. Article 6: Contract Price 6.1 Contract Price. City shall pay Contractor the sum of Three Hundred and Sixty Two Thousand Nine Hundred Dollars ($362,900.00) ( "Contract Price ") subject to adjustments made in accordance with the Contract Documents. Unless otherwise provided in the Contract Documents, the Contract Price is deemed to include all sales, use, consumer, and other taxes mandated by applicable Legal Requirements. Article 7: Procedure for Payment 7.1 Progress Payments 7.1.1 Contractor shall submit to City on the fifth (5th) day of each month, beginning with the first month after the Date of Commencement, Contractor's Application for Payment on a form and manner acceptable to the City Manager or his designee. 7.1.2 City shall make payment with thirty (30) days after City's receipt of each properly submitted and accurate Application for Payment, but in each case less the total of payments previously made, and less amounts properly withheld by City. 7.2 Retainage on Progress Payment 7.2.1 City will retain ten percent (10%) of each Application for Payment. 7.2.2 Upon Final Completion of the entire Work, City shall release to Contractor all retained amounts relating to the entire Work minus any assessed liquidated damages and/or moneys owed to third party vendors. 7.3 Final Payment. Contractor shall submit its Final Application for Payment to City in accordance with the procedures set forth in the Contract Documents. City shall make payment on Contractor's properly submitted and accurate Final Application for Payment within thirty (30) days after City's receipt of the Final Application for Payment, provided that Contractor has satisfied the requirements for final payment set forth in the Contract Documents. 7.4 Records Keeping and Finance Controls. With respect to changes in the Work performed on a cost basis by Contractor pursuant to the Contract Documents, Contractor shall keep full and detailed accounts and exercise such controls as may be necessary for proper financial management, using accounting and control systems in accordance with generally accepted accounting principles and as may be provided in the Contract C1011 -055 NAMIN CONSTRUCTION CO. INC. Page 4 of 15