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<br />1.000.000 gallon capacity storage tank. and interconnecting <br />lines from it to the Towaoc water system. Division I Work <br />shall be substantially complete within 180 days from the date <br />of receipt of the Notice to Proceed. <br /> <br />Division II Work consists of construction of the main <br />pipeline water line from the City Of Cortez water treatment <br />plan to the point of entering the State Highway 666 south of <br />Cortez. Division II WORK will be initiated upon the receipt of <br />an Interim Notice to Proceed. Division II WORK shall <br />substantially be completed within 245 days from completion of <br />Division I work and upon receipt of the Interim Notice to _ <br />Proceed. <br /> <br />Division III WORK consists of the municipal improvements <br />within the Town of Towaoe of the new Towaoc storage tank. <br />Division III WORK shall be SUbstantially completed 6within 300 <br />days from the date of receipt of the interim Notice to Proceed. <br /> <br />The entire Project will be completed and ready for final <br />payment. in accordance with paragraph 14.13 of the General <br />Conditions. within 425 days from the date when the Contract <br />Time. as defined in Article 1 of the General Conditions. <br />commences to run. <br /> <br />3,2. Liouidated Damaoes. OWNER and CONTRACTOR recognize <br />that time is of the essence in this Agreement and that OWNER <br />will suffer financial loss if the Work is no~ completed within <br />the times specifieo in paragraph 3.1 above. plus any extensions <br />thereof allowed in accordance "with Article 12 of the General <br />Conditions. They also recognize the delays. expense and <br />difficulties involved in proving in a legal proceeding the <br />actual loss suffered by OWNER if the Work is not completed on <br />time. Accordingly. in lieu of requiring any such proof. OWNER <br />and CONTRACTOR agree that as liquidated damages for delay (but <br />not as a penalty). CONTRACTOR -shall pay OWNER one-thousand <br />dollars ($1.000) for each day that expires after the time <br />specified in paragraph 3~1 for any or all of Divisions' I~ II~ <br />or III Work still not Substantially Complete. After <br />: Substantial Completion. if CONTRACTOR shall neglect. refuse.-or <br />fail to complete.the remaining Division I-III Work within ~he <br />Contract Time or any proper extension thereof granted by OWNER. <br />CONTRACTOR. shall pay OWNER two-thousand dollars ($2.000) for <br />each day that expires after the time specified in paragraph 3.1 <br />for completion and readiness for final payment. CONTRACTOR <br />_ understands that these amounts are based upon financial loss <br />that will be suffered by OWNER and agree that these amounts are <br />a reasonable basis for damages. <br /> <br />Article 4. CONTRACT PRICE <br /> <br />4.1 OWNER shall pay CONTRACTOR for completion of the Work <br />in accordance with the Contract Documents in current funds. <br />provided that such.contract price shall not exceed $3.720.935 <br />without benefit of change orders or a supplemental contract. <br /> <br />4.2 It is understood that Division II Work prices bid in <br />the Schedule of Values (Bid Schedule) are budgetary only. and <br />that all parties reserve the right to negotiate new prices when <br />the final alignment i~ determined and delivered as scheduled in <br />section 01012. Paragraph 1.3. <br /> <br />Article 5. PAYMENT PROCEDURES <br /> <br />CONTRACTOR shall submit Applications for Payment in <br />accordance with Article 14 of the General Conditions. <br />Applications for Payment will be processed by ENGINEER as <br />provided in the General Conditions. <br /> <br />Page 1 of ~ Pages <br />