IMCO General Construction Inc 11/13/2018 (2)

I 3. For failure to complete work within the allowable time frames noted in Section 01 11 00, the Contractor shall pay liquidated damages to the City computed at the daily rate of$5,000 per day multiplied by the number of days that it took the Contractor to complete the portion of the Work being done outside of the allowable time frame. F. Liquidated Damages—Substantial and Physical Completion. 1. 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 for use by the Substantial and Physical Completion dates stated above. 2. 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 Section. 3. 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$5,000 per day multiplied by the number of days that it took the Contractor to achieve Substantial Completion that exceeded Contract Time. 4. Contractor understands that, if Physical Completion is not achieved by the Physical Completion Date stated in Paragraph C.3. above, City will suffer damages which are difficult to determine and accurately specify. Contractor agrees that, if Physical Completion is not so achieved, Contractor shall pay to City $1,000 per day, as liquidated damages for each day that Physical Completion is delayed. F. Contract Sum. 1. The amount of this Contract is 1 -7 3347113:36 ($ ) and is based on the proposal/bid submitted by Contractor dated a-11-poik 2. 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. a. 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. b. 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. c. 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. d. 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. G. Withholding. 1. Five percent of amounts due Contractor shall be retained and withheld to ensure to comply with 1 RCW Chap. 60.28. 2. Retained amounts shall only be released: a. as required by law or 10023829 City of Everett Public Works July 2018 WPCF FEN Chlorination Building Upgrade Work Order 3614 CONTRACT 00 60 13-2 Issue for Bid