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  2. Finance Committee - Agenda - 11/15/2017 - P223

Finance Committee - Agenda - 11/15/2017 - P223

By dnadmin on Mon, 11/07/2022 - 10:19
Document Date
Wed, 11/15/2017 - 00:00
Meeting Description
Finance Committee
Document Type
Agenda
Meeting Date
Wed, 11/15/2017 - 00:00
Page Number
223
Image URL
https://nashuameetingsstorage.blob.core.windows.net/nm-docs-pages/fin_a__111520…

18.

C-1.14

insurance that may be required covering public liability for injury to persons and
property, the cost of workmen's compensation insurance, federal social security, and any
other costs based on payrolls, and required by law. The cost of extra work shall not
include any cost or rental of small tools, buildings, or any portion of the time of the
Contractor, his project supervisor or his superintendent, as assessed upon the amount of
extra work, these items being considered covered by the 15 percent added to the
reasonable cost. The reasonable cost for extra work shall also include the premium cost,
if any, for additional bonds and insurance required because of the changes in the work.

17.3. In the case of extra work which is done by Subcontractors under the specific
contract, or otherwise if so approved by the Engineer, the 15 percent added to the
reasonable cost of the work will be allowed only to the Subcontractor. On such work an
additional percentage of the reasonable cost (before addition of the 15 percent) will be
paid to the Contractor for his work in directing the operations of the Subcontractor, for
administrative supervision, and for any overhead costs. Such percentage shall be in
accordance with the following schedule: reasonable cost up to and including $50,000—
10 percent; next $50,000 to and including $100,000—7™% percent; greater than
$100,000—5 percent.

17.4 The Engineer may authorize minor changes or alterations in the work not
involving extra cost and not inconsistent with the overall intent of the contract
documents. These shall be accomplished by a written field order. However, if the
Contractor believes that any minor change or alteration authorized by the Engineer
entitles him to an increase in the contract price, he may make a claim therefore as
provided in article 21.

Time For Completion and Liquidated Damages. The following paragraphs address time
for completion and liquidated damages:

18.1. It is hereby understood and mutually agreed, by and between the Contractor and
the Owner, that the date of beginning and the time for completion as specified in the
contract of the work to be done hereunder are Essential Conditions of this contract; and it
is further mutually understood and agreed that the work embraced in this contract shall be
commenced on a date to be specified in the “Notice to Proceed.”

18.2 The Contractor agrees that said work shall be pursued regularly, diligently and
continuously at such rate of progress as will insure full completion thereof within the
time specified. It is expressly understood and agreed, by and between the Contractor and
the Owner, that the time for the completion of the work described herein is a reasonable
time, taking into consideration the average climatic range and usual industrial conditions
prevailing in this locality.

18.3 If the Contractor shall neglect, fail or refuse to complete the work within the time
herein specified, or any proper extension thereof granted by the Owner, then the
Contractor does hereby agree, as a part consideration for the awarding of this contract, to
pay to the Owner the amount specified in the contract, not as a penalty but as liquidated
damages for such breach of contract as hereinafter set forth, for each and every calendar
day that the Contractor shall be in default after the time stipulated in the contract for
completing the work.

18.4 The liquidated damages amount is fixed and agreed upon by and between the
Contractor and the Owner because of the impracticability and extreme difficulty of fixing

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Finance Committee - Agenda - 11/15/2017 - P223

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