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00 52 13 - 2 <br />achieve Substantial Completion by the Substantial Completion date stated above, the <br />Contractor shall pay liquidated damages to the City computed at the daily rate of fifteen <br />percent (15%) of the Contract Sum divided by the number of days of Contract Time <br />stated above. Once Substantial Completion is achieved, for failure to achieve Physical <br />Completion by the Physical Completion Date stated above, the Contractor shall pay <br />liquidated damages at the daily rate of ten percent (10%) of the liquidated damages rate <br />applicable to delays to Substantial Completion. <br />4.Contract Sum. The Contract Sum of this Contract is: <br />Base Bid $336,756.00 <br />+ WA Sales Tax $33,339.00 <br />Contract Sum $ 370,095.00 <br />This is based on the proposal/bid submitted by Contractor dated May 25, 2024. A copy <br />of such proposal/bid is attached hereto. <br />The basis for final payment will be the actual amount of work performed according to <br />the Contract Documents and payments, whether partial or final, shall be made as <br />specified therein. If, and to the extent, payment (in whole or in part) is based upon unit <br />prices multiplied by quantities of work actually performed, the total amount paid to the <br />Contractor may be less than Contract Sum stated herein and the Contractor agrees to <br />execute one or more change orders in such event. In no event shall the total amount <br />paid Contractor exceed the Contract Sum stated herein, unless the Contract amount <br />has first been increased by one or more Change Orders signed by the City. The City <br />may, in its sole discretion, withhold amounts from payments otherwise due as offsets or <br />back charges for expenses, damages, liquidated damages or costs for which the <br />Contractor is liable for not to exceed 10% of the total amount of the contract. If the City <br />chooses not to offset or deduct any such expenses, damages, liquidated damages or <br />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 <br />against the 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: <br />(A) as required by law or (B) sixty (60) days after completion of all contract work if there <br />are no claims against the retained funds. In addition to the amounts required by RCW <br />60.28 to be withheld from the progress or retained percentage payments to the <br />Contractor, the City may, in its sole discretion, withhold any amounts sufficient to pay <br />any claim against the Contractor of which the City may have knowledge and regardless <br />of the informalities of notice of such claim arising out of the performance of this <br />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