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The amount of this contract is Sixty-Four Thousand Eight Hundred Ten Dollars and Twenty-Seven <br /> Cents ($64,810.27) and is based on the quote submitted by the Contractor dated May 6, 2020. <br /> The basis for final payment will be the actual amount of work performed according to the Contract <br /> Documents and payments,whether partial or final, shall be made as specified therein. If, and to the <br /> extent, payment(in whole or in part) is based upon unit prices multiplied by quantities of work actually <br /> performed, the total amount paid to the Contractor may be less than Contract amount stated herein <br /> and the Contractor agrees to execute one or more change orders in such event. In no event shall the <br /> total amount paid Contractor exceed the Contract amount stated herein, unless the Contract amount <br /> has first been increased by one or more Change Orders signed by the City. The City may, in its sole <br /> discretion, withhold amounts from payments otherwise due as offsets or backcharges for expenses, <br /> damages, liquidated damages or costs for which the Contractor is liable. If the City chooses not to <br /> offset or deduct any such expenses, damages, liquidated damages or costs from one or more payments <br /> or return of retainage,the City does not waive its claim for such damages and hereby expressly <br /> reserves its right to assert a claim against the Contractor for such damages. <br /> Five percent(5%) of amounts due Contractor shall be retained and withheld to ensure the timely and <br /> faithful completion of the work, to comply with RCW Chapter 60.28, and to provide a source of funds <br /> for liquidated or other damages. Except for a continuing retention of five percent (5%) of monies <br /> earned for completion of work, retained amounts shall only be released: (A) as required by law or(B) <br /> sixty (60) days after completion of all contract work if: (1)there are no claims against the retained <br /> funds, (2)the Contractor satisfied test requirements, and (3) the Contractor faithfully,timely and <br /> completely performed the Contract. in addition to the amounts required by RCW 60.28 to be withheld <br /> from the progress or retained percentage payments to the Contractor,the City may, in its sole <br /> discretion, withhold any amounts sufficient to pay any claim against the Contractor of which the City <br /> may have knowledge and regardless of the informalities of notice of such claim arising out of the <br /> performance of this contract. The City may withhold the amount until either the Contractor secures a <br /> written release from the claimant, obtains a court decision that such claim is without merit, or satisfies <br /> any judgment in favor of the claimant on such claim. The City shall not be liable for interest during the <br /> period the funds are so held. <br /> Contractor agrees to comply with all state and federal laws relating to the employment of labor and <br /> wage rates to be paid. <br /> Contractor shall actively and in good faith solicit the employment of minority group members and <br /> quotes for the supply of goods or subcontracting of services from qualified minority businesses. <br /> Contractor shall consider granting contracts to possible minority suppliers and subcontractors on the <br /> basis of substantially equal proposals in the light most favorable to the minority businesses. Contractor <br /> shall furnish evidence of its compliance with these requirements. As used in this section,the term <br /> "minority business" means a business at least fifty-one percent(51%)of which is owned by minority <br /> group members. Minority group members include, but are not limited to,African-Americans, Women, <br /> Native Americans, Asian/Pacific Islander-Americans, and Hispanic Americans. <br />