Agenda - Council - 06/27/2017 - Laserfiche WebLink

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twenty (20) Calendar Days of presentation of an approved application for payment, and receipt of final payment documents pay the Contractor the amount approved by the Engineer. ARTICLE 30. Retention of a Portion of the Contract Sum The Owner may retain up to a maximum of ten percent (10%) of value of Work completed and requested for payment. After fifty percent (50%) of the Work has been completed, the Contractor may request consideration for a reduction in the retained amount. Where the Owner is subject to the provisions of Minnesota State Statutes 429.041 the maximum retained amount shall be five percent (5%) released with approval of the governing body. Those amounts released shall be considered not required to be retained to protect the Owner's interest in satisfactory completion of the Agreement. ARTICLE 31. Liquidated Damages The parties hereto recognize that failure on the part of the Contractor to complete the Work within the time period set forth herein above, shall cause damage to the Owner; and should the contractor not complete the Work within that period of time, or otherwise be guilty of substantial violation of this Agreement, the Owner may deduct amounts per the following schedule per calendar day after the completion date and all legal and Engineering costs related thereto, for each day exceeding said completion date, from the total Contract Price to be paid to the Contractor, and among its other remedies, terminate this Agreement and complete the Work by whatever method the Owner may deem expedient, at the expense of the Contractor; and such action by Owner shall not relieve Contractor of its liability to Owner for any damages caused by the Contractor's default, including, but not limited to, the excess expense of finishing the Work over the unpaid balance of the Contract Price. In the event a dispute arises between the Contractor and Owner regarding an alleged default by the Contractor or the assessment of liquidated damages, and if said dispute is submitted for litigation, and in the further event that the Owner prevails thereon, liquidated damages shall include court costs and reasonable attorney's fees as allowed by law. In the event the Owner elects to complete the Work following Contractor's default as above set forth, the Contractor agrees to extend its full cooperation of the Work contemplated under this Agreement. The amount deducted under this paragraph shall not be construed as a penalty, but rather as liquidated damages resulting from the noncompletion of the Work within the specified time. The schedule of damages shall be as specified below based upon the original contract amount: From More Than Up To and Including Charge per Calender Day $0 $500,000 $200 $500,000 $1,000,000 $300 $1,000,000 Unlimited $500 ARTICLE 32. Waivers of Claims and Continuing Obligations 32.1 The Contractor's obligation to perform the Work and complete the Project in accordance with the Contract Documents shall be absolute. Neither approval of any payment by the Engineer, nor the issuance of a certificate of completion, nor any payment by the Owner to the Contractor under the Contract Documents, nor any use or occupancy of the Project or any part thereof by the Owner, nor any act of acceptance by the Owner nor any failure to do so, nor any correction of faulty or defective GC 22