Laserfiche WebLink
November 17. 1995 <br />Article 40. LIQUIDATED DAMAGES <br />If the Contractor shall neglect, fail or refuse to complete the work within the time agreed upon in this <br />Agreement or any extension thereof, the Contractor shall be liable to the Principle Representative in <br />the amount specified in the Special Conditions for this project for each and every calendar day the <br />completion of the work is delayed beyond the time provided in this Agreement, as fixed and agreed <br />liquidated damages, and not as a penalty. If the Principle Representative terminates the Contractor's <br />right to proceed, the resulting damage will consist of liquidated damages until such reasonable time <br />as may be required for final completion of the work along with any increased costs incurred 6y the <br />Principle Representative in completing the work. If the Principle Representative does not terminate the <br />Contractor's right to proceed, the resulting damage will consist of liquidated damages until the work <br />is completed or accepted. <br />The Principle Representative shall have the right to deduct from and retain out of monies which may <br />be due or which may become due and payable to the Contractor, the amount of such liquidated <br />damages; and if the amount so retained by the Principle Representative is insufficient to pay in full <br />such liquidated damages, the Contractor shall pay to the Principle Representative the amount necessary <br />to effect payment in full of such liquidated damages. <br />Article 41. DAMAGES <br />If either party to this Contract shall suffer damage in any manner because of any wrongful act or <br />neglect of the other party or of anyone employed by him, then he shall be reimbursed by the other <br />party for such damage, except that the Principal Representative shall be responsible for and at his <br />option insure against loss of use of any of his existing property, due to fire or otherwise, however <br />caused. <br />Claims under this clause shall be made in writing to the party liable within a reasonable time of the first <br />observance of such damage and not later than the time of final payment, except as expressly <br />stipulated otherwise in the case of faulty work or materials. <br />Article 42. STATES RIGHT TO DO THE WORK <br />If the Contractor should neglect to prosecute the work properly or fail to perform any provision of the <br />Contract, the Principal Representative, after seven 171 days' written notice to the Contractor and the <br />Surety may, without prejudice to any other remedy he may have, make good such deficiencies and <br />may deduct the cost thereof from the payment then or thereafter due the Contractor. <br />Article 43. STATE'S RIGHTS TO TERMINATE THE CONTRACT <br />A. General <br />If the Contractor should be adjudged a bankrupt, or if he should make a general assignment for the <br />benefit of his creditors, or if a receiver should be appointed to take over his affairs, or if he should fail <br />to prosecute his work with due diligence and carry the work forward in accordance with his work <br />schedule and the time limits set forth in the Contract Documents, or if he should fail to subsequently <br />perform one or more of the provisions of the Contract Documents to be performed by him, the Principal <br />Representative may serve Written Notice on the Contractor and the Surety on his performance and <br />payment bonds, stating his. intention to exercise one of the remedies hereinafter set forth and the <br />grounds upon which the Principal Representative bases his right to exercise such remedy. In such <br />event, unless the matter complained of is satisfactorily cleared within ten (10) days after serving such <br />Notice, the Principal Representative may, without prejudice to any other right or remedy, exercise one <br />of such remedies, at once. <br />DMG-14 <br />