Finance Committee - Agenda - 5/4/2022 - P67
4.03 Liquidated Damages
A. CONTRACTOR and OWNER recognize that time is of the essence of this Agreement and that OWNER will
suffer financial loss if the Work is not completed within the times specified in paragraph 4.02 above, plus any extensions
thereof allowed in accordance with Article 12 of the General Conditions. The parties also recognize the delays, expense
and difficulties involved in proving in a legal or arbitration preceding 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 EIGHT HUNDRED FIFTY dollars ($850) for each
calendar day that expires after the time specified in paragraph 4.02 for Substantial Completion until the Work is
substantially complete. After Substantial Completion, if CONTRACTOR shall neglect, refuse or fail to complete the
remaining Work within the time specified in paragraph 4.02 for completion and readiness for final payment or any proper
extension thereof granted by OWNER, CONTRACTOR shall pay OWNER EIGHT HUNDRED FIFTY dollars ($850) for each
calendar day that expires after the time specified in paragraph 4.02 for completion and readiness for final payment until
the Work is completed and ready for final payment.
B. In the event that the CONTRACTOR fails to pay OWNER the specified liquidated damages amount within
thirty (30) days of CONTRACTOR's being notified of said damages, OWNER may deduct the amount of the assessed
liquidated damages from the final payment or retention withheld pursuant to Article 14 of the General Conditions.
ARTICLE 5 - CONTRACT PRICE
5.01 Subject to additions and deductions by Change Order, the OWNER shall pay CONTRACTOR, in accordance with
the Contract Documents, the Contract Sum of:
Three Hundred Seventy Three Thousand Seven Hundred and Fifty Dollars ($373,750)
The Contract Sum shall include all items and services necessary for the proper execution and completion of the Work
determined below:
A. for all Unit Price Work, an amount equal to the sum of the established Unit Price for each separately
identified item of Unit Price Work times the estimated quantity of that item, as indicated in the attached Schedule of
Values;
B. as provided in paragraph 11.03 of the General Conditions estimated quantities are not guaranteed, and
determinations of actual quantities and classification are to be made by ENGINEER as provided in paragraph 9.08 of the
General Conditions. Unit prices have been computed as provided in paragraph 11.03 of the General Conditions.
ARTICLE 6 - PAYMENT PROCEDURES
6.01 Submittal and Processing of Payments
A. CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the General
Conditions. Applications for Payment will be processed by ENGINEER as provided in the General Conditions.
B. Application for Payment performed under this agreement shall be submitted as follows:
> Electronically via email to VendorAPInvoices@NashuaNH.gov
OR
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