Premier Field Development, Inc. 5/9/2016

Section 005213 Agreement Form 3. Liquidated Damages. The parties agree the City will suffer damage and be put to addi- tional expense in the event that the Contractor does not complete the Work in all respects and have it ready 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 Contract Time is described in working days) in the amounts set forth in this Sec- tion. 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 fif- teen percent(15%) of the Contract Sum multiplied by the number of days that it took the Con- tractor to achieve Substantial Completion that exceeded Contract Time 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 Contractor shall pay liquidated damages at the daily rate of ten percent(10%) of the liquidated damages rate ap- plicable to delays to Substantial Completion. 4. Contract Sum. The amount of this Contract is ($ , FC©) 1 uO ,ao ) and is based on the proposal/bid submitted by Contractor dated 2/0g/it, . The basis for final payment will be the actual amount of work performed according to the Contract Documents and payments,whether 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 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 Orders signed by the City. The City may, in its sole discretion, withhold amounts from payments otherwise due as offsets or backcharges for expenses, damages, liquidated damages or costs for which the Contractor is liable for not to exceed 10% of the total amount of the contract. If the City chooses not to offset or deduct any such expenses, damages, liquidated damages or costs from one or more payments or return of retainage, the City does not waive its claim for such damages and hereby expressly reserves its right to assert a claim against the Contractor for such damages. 5. Withholding. Five percent (5%) of amounts due Contractor shall be retained and withheld to ensure to comply with RCW Chap. 60.28. Retained amounts shall only be released: (A) as required by law or(B) sixty(60) days after completion of all contract work if there are no claims against the retained funds. In addition to the amounts required by RCW 60.28 to be withheld from the progress or retained percentage payments to the Contractor, the City may, in its sole discretion, withhold any amounts sufficient to pay any claim against the Contractor of which the City may have knowledge and regardless of the informalities of notice of such claim arising out of the performance of this contract. The City may withhold the amount until either the Contractor secures a written release from the claimant, obtains a court decision that such claim is without merit, or satisfies any judgment in favor of the claimant on such claim. The City shall not be liable for interest during the period the funds are so held. Kasch Park Soccer Fields-Synthetic Turf Replacement Phase 2 2 of 6