Neptune General Contractors 1/25/2022

I I CONTRACT II THIS CONTRACT is made and entered into this 23 day of DECEMBER , 2021 , by and between the City of Everett, Washington, a municipal corporation existing under the laws of the State of Washington, hereinafter called the "City," and ISPECIALTY EQUIPMENT dba NEPTUNE GENERAL CONTRACTORS a WASHINGTON CORPORATION hereinafter called the I "Contractor." I In consideration of the sums to be paid to it by the City,Contractor hereby covenants and agrees to furnish all labor, tools, materials, equipment, and supplies required to build and construct and to build and construct in a workmanlike manner the Work, improvements, and appurtenances in accordance with the ISpecifications and Drawings entitled: "Rotary Park Renovation", (the "Project"). 1. Contract Documents. "Contract Documents" is defined in Section 007200 General Conditions. I Terms that are capitalized in a Contract Document but not defined in that Contract Document shall have the meaning defined to them in the other Contract Documents. 2. Contract Time. Substantial Completion of the Work shall be by April 31, 2022. The Physical I Completion Date shall be May 31, 2022. 3. Liquidated Damages.The parties agree the City will suffer damage and be put to additional expense in the event that the Contractor does not complete the Work in all respects and have it ready I for use by the Substantial and Physical Completion dates stated above. Because it is difficult to accurately compute the amount of such costs and damages, the Contractor hereby covenants and agrees to pay to the City liquidated damages for each and every calendar day(or working day, if I Contract Time is described in working days) in the amounts set forth in this Section. For failure to achieve Substantial Completion by the Substantial Completion date stated above, the Contractor shall pay liquidated damages to the City computed at the daily rate of fifteen percent (15%) of the Contract I Sum divided by the number of days of Contract Time stated above. Once Substantial Completion is achieved, for failure to achieve Physical Completion by the Physical Completion Date stated above,the Contractorshall pay liquidated damages at the daily rate of ten percent (10%) of the liquidated damages Irate applicable to delays to Substantial Completion. 3. Contract Sum.The amount of this Contract is I FOUR HUNDRED NINETEEN THOUSAND SIX HUNDRED FIFTY DOLLARS ($419,650) and is based on the proposal/bid submitted by Contractor dated NOVEMBER 15, 2021 . The basis for final payment will be the actual amount of work performed according to the Contract Documents and payments, whether I partial or final, shall be made as specified therein. If, and to the extent, payment(in whole or in part) is based upon unit prices multiplied by quantities of work actually performed,the total amount paid to the Contractor may be less than Contract Sum stated herein and the Contractor agrees to execute one or I more change orders in such event. In no event shall the total amount paid Contractor exceed the Contract Sum stated herein, unless the Contract amount has first been increased by one or more Change IRotary Park Renovation ..+