Minutes - Feb. 4, 2013 Regular Meeting

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BK - 00025 PG AGREEMENT THIS AGREEMENT is by and between LEE COUNTY, NORTH CAROLINA (Owner) and S.T. Wooten Corporation (Contractor). Owner and Contractor hereby agree as follows: ARTICLE 1 - WORK Contractor shall complete all Work as specified or indicated in the Contract Documents. The Work is generally described as follows: ARTICLE 2 - PROJECT The Project for which the Work under the Contract Documents may be the whole or only a part is generally described as follows: CLYDE RHYNE DRIVE - ROADWAY EXTENSION - CONTRACT 1 ARTICLE 3- ENGINEER The Project has been designed by The Wooten Company, 120 North Boylan Avenue, Raleigh, North Carolina 27603, (Engineer) which is to act as Owner's representative, assume all duties and responsibilities and have the rights and authority assigned to Engineer in the Contract Documents in connection with completion of the Work in accordance with the Contract Documents. ARTICLE 4 - CONTRACT TIMES 4.01 Time of the Essence A. All time limits for Milestones, if any, Substantial Completion, and completion and readiness for final payment as stated in the Contract Documents are of the essence of the Contract. 4.02 Days to Achieve Completion and Final Payment A. The Work will be substantially completed within 30 days after the date when the Contract Times commence to run as provided in Paragraph 2.03 of the General Conditions, and completed and ready for final payment in accordance with Paragraph 14.07 of the General Conditions within 45 days after the date when the Contract Times commence to run. 4.03 Liquidated Damages A. Contractor and Owner recognize that time is of the essence as stated in this Agreement and that Owner will suffer financial loss if the Work is not completed within the times specified in paragraph 4.02 above, plus any extensions thereof allowed in accordance with Article 12 of the General Conditions. The parties also recognize the delays, expense, and difficulties involved in proving in a legal or arbitration proceeding the actual loss suffered by Owner if the Work is not completed on time. Accordingly, instead of requiring any such proof, Owner and Contractor agree that as liquidated damages for delay (but not as a penalty), 2793 -D: 01 /10/2013 00520 -1 Agreement Document in accordance with EJCDC No. C -520 (2007)