Minutes - April 2, 2012 Regular Meeting

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BK:00024 PG:0837 Work shall be Substantial] Complete no later than October 22. 2012 and finally complete no later than sixty (60) calendar days thereafter. , subject to adjustments of this Contract Time as provided in the Contract Documents. (Insert provisions, if any, for liquidated damages relating to failure to achieve Substantial Completion on time orfor bonus payments for early completion of the Work.) The Owner and the Contractor recognize that time is of the essence and that the Owner will suffer financial loss if the Work is not completed by the Substantial Completion date required by the Contract Documents. Both parties recognize the delays, expense and damages involved in proving in a legal proceeding the actual loss suffered by the Owner if the Work is not completed on time. Accordingly, the Owner and the Contractor agree, stipulate and fix as liquidated damages if delaved, but not as a penalty, the sum of Five Hundred Dollars ($500.00) that the Contractor Contractor together with the Contractor's surety shall pay the Owner for each calendar day or part thereof that expires after the date specified for the final completion of the Work and until the Work is finally complete. In addition to Liquidated Damages, the Contractor shall pay to the Owner the cost of extended architectural (including Architect's on -site representatives(s), if any, on -site) services for services rendered beginning at 61 days from the date of Substantial Completion required by the Contract, as adjusted if annlicable, and continuously until Final Completion is achieved ARTICLE 4 CONTRACT SUM § 4.1 The Owner shall pay the Contractor the Contract Sum in current funds for the Contractor's performance of the Contract. The Contract Sum shall be ( �--), -Eight Hundred Thirty -iwo Thousand, Three Hundred Seventy -five and 00 /100 Dollars ($832,375.00), subject to additions and deductions as provided in the Contract Documents. § 4.2 The Contract Sum is based upon the following alternates, if any, which are described in the Contract Documents and are hereby accepted by the Owner: (State the numbers or other identification of accepted alternates. If the bidding or proposal documents permit the Owner to accept other alternates subsequent to the execution of this Agreement, attach a schedule of such other alternates showing the amount for each and the date when that amount expires.) Base Bid: $ 1.022 000.00 Add Alternate No. 1: $ 10,450.00 Less agreed upon VE: deduct ($ 200,07L00) Total: $ 832,375.00 § 4.3 Unit prices, if any: (Identify and state the unit price; state quantity limitations, if any, to which the unit price will be applicable.) Item Not Applicable § 4.4 Allowances included in the Contract Sum, if any: (Identify allowance and state exclusions, if any, from the allowance price.) Item Not Applicable AIA Document A101 r" — 2007. Copyright © 1915. 1918, 1925, 1937, 1951, 1958, 1961, 1963, 1967, 1974, 1977, 1987, 1991, 1997 and 2007 by The American Init. Institute of Architects. All rights reserved. WARNING: This AIA Document is protected by U.S. Copyright Law and International Treaties. Unauthorized reproduction or distribution of this AIA Document, or any portion of it, may result in severe civil and criminal penalties, and will be prosecuted to the t maximum extent possible under the law. This document was produced by AIA software at 13:18:11 on 03/22/2012 under Order No.80o6592437_1 which expires on 04/21/2012, and is not for resale. User Notes: (1517705818)