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<br />THIS AGREEMENT is dated as of the,
<br />19""""" by and between the City
<br />
<br />.. .day of..
<br />
<br />. . in the year
<br />
<br />of Ouray
<br />
<br />(hereinafter c"lIed OWNER) and
<br />
<br />(hereinafter called CONTRACTOR)
<br />
<br />O\VNE-R and CONTRACTOR, in consideration of the mutual covenants hereinafter set forth, agree as follows:
<br />
<br />Article L WORK,
<br />
<br />CONT:v\CTOR shall compkte aU Work as specified or indicated in the Contract Documents. The Work is generally descflbed
<br />as follows: Construction of reinforced concrete debris and flood control improvements
<br />and re1ated construction activities,
<br />
<br />The Project for which the Work under the Contract Documents may be the whole or only a part is generally described as follows:
<br />Debris and Flood Control Improvements, Portland Creek, Phase II, for the City
<br />of Ouray, Co I orado
<br />
<br />Article 2. ENGINEER,
<br />
<br />who is hereinafter caUed ENGINEER and who will assume all duties and responsibilities and will have the rights and authority
<br />assigned to ENGINEER in the Contract Documents in connection with completion of the Work in accordance with the Contract
<br />Documents.
<br />
<br />Article 3, CONTRACT TIME,
<br />
<br />~
<br />:0
<br />~
<br />.~
<br />0.
<br />Q,
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<br />'~ ~ 3,1. The Work will be substantially completed within, " ?~. ,', . days after the date when the Con:ract Time commences
<br />o e to run 2S provided in paragraph 2.3 of the General Conditions, and camplt"ted and ready for final paym::nt in accordance \',:ilh
<br />~ '"
<br />~ e paragraph 14.13 of the General Conditions within,. 9.0.,.,. days after the date when the Contract Time commences to ,un.
<br />- ~
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<br />
<br />~. 1'1,.... '^,v,h. ..;11 t.-.... J...LI.:..ntiall) -:'Gl"I1I3ku:a en ",f bde~';--7'-.-.-.
<br />~ed BAd reS6) f()~,al f:)symeRt iA aeeerdanee-.:..wi+R-iffif~f'8-~ 11.12
<br />
<br />......................,............" n.., ,
<br />
<br />. :9. , tl.OO~
<br />of-the CeAeral CS'fl'thtttJf13 6fl "f bd"orc
<br />
<br />3.2. Liquidated Damages. OWNER and CONTRACTOR recogni:!l: that time is of the essence of this Agreement and
<br />{har O\VNER will suffer financial loss if the Work is not substantially complete within the time specified in paragraph J,]
<br />above, plus any extensions thl~reof allowed in accordance with Article 12 of the General Conditions. Th,~y also recognize the
<br />delays, ~xpense and difficulties involved in proving in a legal or arbitration proceeding the actual loss suffered by OWNER if
<br />the Work is not substantially complete on time. Accordingly, imtead of requiring any :iuch proof, OWNER and CONTRAC.
<br />TOR agree that as liquidated damages for delay (but not as , penalty) CONTRACTOR shall pay
<br />OWNE, , " , , , " ,thr.ee lwndred ' , , , " , " ' , dollars ($, .300.. 00 """,) for each Gay that expires after
<br />the time specified in paragraph 3.1 for substantial completion until the \Vork is substantially complete.
<br />
<br />Article 4, CONTRACT PRICE,
<br />
<br />4.1, OWNER shall pay CONTRACTOR for performance of the Work in accor{:iance with the CJntract Documents in
<br />current funds as follows: 111 accordance w"th the unit prices contained in the attached
<br />Bid Documents,
<br />
<br />(CONTRACTOR's Bid may be atrached as exhibit to (lvoid fengtl1y re!yping of unit price schedules, /ormufae for
<br />escafation of prices, information as to alternatives, etc.)
<br />
<br />Article 5. PAYMENT PROCEDURES,
<br />
<br />Contractor shall submit Applications for Payment in accordance with Article ]4 of the General Conditions, Applications for
<br />Payment will be processed by ENGINEER as provided in the General Conditi':Jns.
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