Substantial completion is defined as that point in time at or after commissioning when the local
power utility, Eversource, accepts the facility as a “merchant power plant” satisfying the requirements of grid
interconnection to transport and receive compensation for the power/energy it delivers to Eversource.
Merchant power plants are a form of non-utility or independent power generation designed for
competitive wholesale power marketplaces. Unlike conventional independent power projects, merchant
plants do not have upfront, long-term power purchase agreements to cover their output. Merchant plants are
being built to sell to competitive, spot markets.
4.03 Liguidated 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 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 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:
TWO MILLION, SIX HUNDRED SIXTY-FOUR THOUSAND, FIVE HUNDRED DOLLARS ($2,664,500)
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 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.
AG -2o0f7
