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WO# UP-3525 <br />Contract (00 5213) - 2 <br />amounts set forth in this Section. For failure to achieve Substantial Completion by the <br />Substantial Completion date stated above, the Contractor shall pay liquidated damages to the <br />City computed at the daily rate of fifteen percent (15%) of the Contract Sum divided by the <br />number of days of Contract Time stated above. Once Substantial Completion is achieved, for <br />failure to achieve Physical Completion by the Physical Completion Date stated above, the <br />Contractor shall pay liquidated damages at the daily rate of ten percent (10%) of the liquidated <br />damages rate applicable to delays to Substantial Completion. <br />4. Contract Sum. The Contract Sum of this Contract is: <br /> $2,767,827.00 <br />+ WA Sales Tax (as applicable) $274,014.87 <br />Contract Sum $3,041,841.87 <br /> <br />This is based on the proposal/bid submitted by Contractor dated December 19, 2023. A copy of <br />this proposal/bid is attached hereto. <br />The basis for final payment will be the actual amount of work performed according to the <br />Contract Documents and payments, whether partial or final, shall be made as specified therein. <br />If, and to the extent, payment (in whole or in part) is based upon unit prices multiplied by <br />quantities of work actually performed, the total amount paid to the Contractor may be less <br />than Contract Sum stated herein and the Contractor agrees to execute one or more change <br />orders in such event. In no event shall the total amount paid Contractor exceed the Contract <br />Sum stated herein, unless the Contract amount has first been increased by one or more Change <br />Orders signed by the City. The City may, in its sole discretion, withhold amounts from <br />payments otherwise due as offsets or back charges for expenses, damages, liquidated damages <br />or costs for which the Contractor is liable for not to exceed 10% of the total amount of the <br />contract. If the City chooses not to offset or deduct any such expenses, damages, liquidated <br />damages or costs from one or more payments or return of retainage, the City does not waive its <br />claim for such damages and hereby expressly reserves its right to assert a claim against the <br />Contractor for such damages. <br />5. Withholding. Five percent (5%) of amounts due Contractor shall be retained and <br />withheld to comply with RCW Chap. 60.28. Retained amounts shall only be released: (A) as <br />required by law or (B) sixty (60) days after completion of all contract work if there are no claims <br />against the retained funds. 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 <br />the City may have knowledge and regardless of the informalities of notice of such claim arising <br />out of the performance of this Contract. The City may withhold the amount until either the