2004-02-24_REVISION - M1977153 ‎(2)‎

• Permit No: M1977153
• IBM Index Class Name: Revision
• Doc Date: 2/24/2004
• Doc Name: Construct Slurry Wall
• From: Denver Water
• To: DRMS
• Type & Sequence: AM2
• Media Type: D
• Archive: No

also recognize the delays, expense, and difficulties involved
in proving in a legal 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)
CONTRACTOR shall pay OWNER $500.00 for each day that expires
after the Substantial Completion date.
ARTICLE 5. CONTRACT PRICE
5.1 OWNER shall pay CONTRACTOR for completion of the Work in
- accordance with the Contract Documents, ARTICLE 14 of the
General Conditions in current funds in accordance with the
Schedule of Values.
ARTICLE 6. PAYMENT PROCEDURES
CONTRACTOR shall submit Applications for Payment in accordance with ARTICLE
14 of the General Conditions, or as modified in the Supplementary
Conditions. Applications for Payment will be processed by ENGINEER as
provided in the General Conditions.
6.1 Progress Payments. OWNER shall make progress payments on
account of the Contract Price on the basis of CONTRACTOR~s
Applications for Payment as recommended by ENGINEER, on or
about the 20th day of each month during construction as
provided below. All progress payments will be on the basis of
the progress of the Work measured by the Schedule of Values
established in Paragraph 2.9 of the General Conditions (and in
' the case of Unit Price Work, based on the number of units
completed).
6.1.1 OWNER shall retain from progress payments, until payment
is due under the terms and conditions governing final payments,
amounts required by law (C.R.S. 38-26-107, as amended) and as
follows:
Ten percent of authorized payments until the Work is 50
percent complete.
After the Work is
retainage shall be wi
payment unless, in
satisfactory progress
10 percent may be
payments.
50 percent complete, no further
=hheld from each subsequent progress
the opinion of the ENGINEER,
is not being made. In such case,
withheld from further progress
When the Work is essentially complete (ready for
operational or beneficial occupancy), the retained amount
may be further reduced below 5 percent to an amount
necessary to assure completion of the Work.
(BOARD OF WATER COMMISSIONERS )
(CONSTRUCT SLURRY WALL AROUND )
(HAZELTINE, ROAD RUNNER REST II)
(AND BRINKMANN-WOODWARD GRAVEL )
(RESERVOIRS )
(SP 06700A ) AF-2