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 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
ONE HUNDRED dollars ($100) 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 TWO HUNDRED dollars ($200) for calendar cach day that expires after the time specified in paragraph
4.02 for completion and readiness for final payment until the Work is completed and ready for final payment.
B. In the event that the CONTRACTOR fails to pay OWNER the specified liquidated damages amount
within thirty (30) days of CONTRACTOR's being notified of said damages, OWNER may deduct the amount of the
assessed liquidated damages from the final payment or retention withheld pursuant to Article 14 of the General
Conditions.
ARTICLE 5 - CONTRACT PRICE
5.01 Subject to additions and deductions by Change Order, the OWNER shall pay CONTRACTOR, in accordance
with the Contract Documents, the Contract Sum of:
Three Hundred Twenty-Seven Thousand Four Hundred Twenty-Three and 94/100 Dollars
($ 327,423.94 )
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
1tem, as indicated in the attached Bid Schedule;
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. CONTRACTOR shall submit Applications for Payment under this agreement directly to:
City of Nashua
Attn: Accounts Payable
PO Box 2019
Nashua, NH 03061-2019
Atten: Todd Welch
AG -2o0f7
