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<br />" <br /> <br />. <br /> <br />. <br /> <br />1.000.000 gallon capaci~y s~orage ~ant. ane interconnecting <br />lines from it to the Towaoc water system. Division I Wort <br />shall be substantially complete ~ithin 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 ~ater line from the City of Cortez ~ater treatment <br />plan to the point of entering the State High~ay 666 south of <br />Cortez. Division II WORK will be initiatec upon the receipt of <br />an lnterim Notice to Proceed. Division II WORK shall <br />substantially be completed ~ithin 2(5 days from completion of <br />Division I work ano upon receipt of the lnterim Notice to ~ <br />Proceec. <br /> <br />Division III WORK consists of the municipal improvements <br />~i~hin the Town of Towaoc of the ne~ Towaoc storaoe tank. <br />Division III WORK shall be substantially complete~ ~ithin 300 <br />days from the date of receipt of the interim Notice to Proceed. <br /> <br />The entire Project ~ill be completed and ready for final <br />payment. in accordance ~ith paragraph 1~.13 of the General <br />Conditions. ~ithin ~25 oays from the date when the Contract <br />Time. as definec in Ar~icle 1 of ~he General Condi~ions. <br />commences ~o run. <br /> <br />3.2. Liouida~ed Damaoes. OWh~R ano CONTRACTOR =~cognize <br />~hat time is of the essence in this Ag=eement and that O~~R <br />~ill su:fer financial loss if ~he wort is no~ completed wi~hin <br />tbe times speci:ied in paragrapb 3.1 above. pl~s any ex~ensions <br />thereof allowed in accordance ~i~h Article 12 of the General <br />Conditions. They also recognize ~he delays. expense ano <br />ci=ficulties involveo in proving in c legal proceeding the <br />act~al loss su=fereo by O~~~R if ~he Worr. is no~ comple~ec on <br />time. Accordingly. in lie~ of requiring any sucb proof. OWh~R <br />and CO~~RACTOR agree :bat as liQ~ioated ~aroages for delay (bu~ <br />not as a pena~~y). CO~~RACTOR sball pay O~~~p. OD€-tbousana <br />cellars (Sl.OOO) for each cay ~hat expires af:er the ~irne <br />specified in paragraph 3.1 for any or ,11 0: Divisionsl I. ~~r <br />or IXl work s~~ll not Substan~ially Cornple~e. ;~~€r <br />S~bs~an~ial Cam~le~ion. i= CO~7RhCTOR sba!l Declec~. =efuse~ or <br />fail ~o comple~e ~he remaining Division Z-!l! wor~ within ~be <br />Con~rac! Time or any proper ex~ension ~he=eo: graD~ec by O~~R. <br />CO~TRACTOR. shall P2Y OWN~R ~~o-~housanc oolla:s (t2.000) for <br />each oay ~hat expires after the ~irne specifiec in paragrapb 3.1 <br />for comple~ion ane rEadiness for fiDal payment. CO~TRACTOP. <br />unders~ands ~hat these amounts are based upon =inanci~l loss <br />tbat ~ill be suffered by O~~~R ana agree that these amounts are <br />a reasonable basis for cBroBges. <br /> <br />A~:icl€~, CO~~RACT PRIC~ <br /> <br />~.l OWNER shall pay CONTRACTOR for completion of the Wo=k <br />in accoroance ~itb the Contract Documents in current funes. <br />provi6ec that such con~ract price shall not exceed ~3.720.935 <br />vithout benefi~ of change orders or a supplement~l cont:ac~. <br /> <br />'.2 It is unoerstooc that Division II Work prices bie in <br />the Sche6ule of Values (Bid Sche6ul~) are bud9€~ary only. ano <br />that all par~ies reserve the riaht to negotiat~ new prices ~hen <br />th~ =iLal alignnlent is deterrnin~o ano 6eliver~o as sche6ul~d in <br />Sec~ion 01012. Paragraph 1.3. <br /> <br />Article 5. ?A~NT PROC~DURES <br /> <br />CONTRACTOR shall submit Applica~ions for Pcymen: in <br />accoroaDC~ ~i~h Articl~ l' of the Gene:~l Conci~ioDS. <br />Applications for Paymen~ ~ill be proc~sseo by ENGINEER as <br />provice6 in tht General Conditions. <br /> <br />Page 3 of 8 <br />