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City of Everett 00 52 13 - 2 <br />Port Gardner Storage Facility – Facility Construction Package WO# UP-3525 <br /> <br /> <br />00 52 13 - 2 AGREEMENT FORM <br />3. Liquidated Damages. The parties agree the City will suffer damage and be put <br />to additional expense in the event that the Contractor does not complete the Work in all <br />respects and have it ready for use by the Substantial and Physical Completion dates <br />stated above. Because it is difficult to accurately compute the amount of such costs <br />and damages, the Contractor hereby covenants and agrees to pay to the City liquidated <br />damages for each and every calendar day (or working day, if Contract Time is <br />described in working days) in the amounts set forth in this Section. For failure to <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 /> <br /> <br />+ WA Sales Tax (as applicable) <br />Contract Sum <br /> <br />This is based on the proposal/bid submitted by Contractor dated ________________. <br />A copy of this 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.