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C. For failure to achieve Substantial Completion by the Substantial Completion date <br /> stated above, the Contractor shall pay liquidated damages to the City computed at <br /> the daily rate of 15 percent of the Contract Sum divided by the number of days of <br /> Contract Time stated above. <br /> D. Once Substantial Completion is achieved,for failure to achieve Physical Completion <br /> by the Physical Completion Date stated above, the Contractor shall pay liquidated <br /> damages at the daily rate of 10 percent of the liquidated damages rate applicable <br /> to delays to Substantial Completion. <br /> 4. Contract Sum. <br /> A. The amount of this Contract is '5 a 0669 683: <br /> ($ ) and is based on the proposal/bid submitted by <br /> Contractor dated 3-33 -a0(.11 <br /> B. The basis for final payment will be the actual amount of work performed according <br /> to the Contract Documents and payments, whether partial or final, shall be made <br /> as specified therein. <br /> 1. If, and to the extent, payment (in whole or in part) is based upon unit prices ,J <br /> multiplied by quantities of work actually performed, the total amount paid to <br /> the Contractor may be less than Contract Sum stated herein and the <br /> Contractor agrees to execute one or more change orders in such event. <br /> 2. In no event shall the total amount paid Contractor exceed the Contract Sum <br /> stated herein, unless the Contract amount has first been increased by one or <br /> more Change Orders signed by the City. <br /> 3. The City may, in its sole discretion, withhold amounts from payments <br /> otherwise due as offsets or back charges for expenses, damages, liquidated <br /> damages or costs for which the Contractor is liable for not to exceed 10 <br /> percent of the total amount of the contract. <br /> 4. If the City chooses not to offset or deduct any such expenses, damages, <br /> liquidated damages or costs from one or more payments or return of <br /> retainage, the City does not waive its claim for such damages and hereby <br /> expressly reserves its right to assert a claim against the Contractor for such <br /> damages. <br /> 5. Withholding. <br /> A. Five percent (5%) of amounts due Contractor shall be retained and withheld to <br /> ensure to comply with RCW Chap. 60.28. <br /> B. Retained amounts shall only be released: <br /> Replacement of Reservoir 2 Contract <br /> WO# UP3658 00 60 13 - 2 <br />