written change order or the fully executed Owner Purchase Order shall control over the terms of the
Proposals
ARTICLE 2 —- PERIOD OF PERFORMANCE
The CONTRACTOR shall perform and complete all work within the time periods set forth. The time
periods may only be altered by the parties by a written agreement to extend the period of performance
or by termination in accordance with the terms of the contract. The CONTRACTOR shall begin
performance upon receipt of an Executed Contract, a valid Purchase Order issued from the
OWNER, and a Notice to Proceed.
ARTICLE 3 - CONTRACT TIMES
3.01 Time of the Essence
All time limits for Milestones, if any, Substantial Completion, and completion and readiness
for final payment as stated in the Contract Documents are of the essence of the Contract.
3.02 Date of Final Completion
The Work will be completed within 180 Calendar Days from Notice to Proceed.
3.03 Liquidated Damages
If CONTRACTOR breaches their obligation to install product within 180 calendar days of
Notice to Proceed, CONTRACTOR shall pay OWNER $0.20 per calendar day per fixture for
each day of delay as liquidated damages. Should CONTRACTOR fail to make such payment,
the OWNER may reduce further applications for payment on a dollar for dollar basis
commensurate with damages incurred to date. Liquidated damages shall be capped at
$400,000.
The parties agree that quantifying losses arising from CONTRACTOR’s delay in inherently
difficult, and further stipulate that the agreed upon sum is not a penalty, but rather a
reasonable measure of damages, based upon the parties’ knowledge of anticipated savings
resulting from fixture conversion.
This provision shall apply in the event of concurrent delay or delay caused by a third party,
Furthermore, should CONTRACTOR complete installation of product sooner than 150
calendar days from date of Notice to Proceed, they will be entitled to an early completion
bonus equal to $0.10 per calendar day per fixture for every day between the completion date
and 180 calendar days from date of Notice to Proceed. Such bonus will be recognized via
change order executed by both parties.
ARTICLE 4~ CONTRACT SUM
Subject to additions and deductions by Change Order, the OWNER shall pay CONTRACTOR, in
accordance with the Contract Documents, the Contract Sum of:
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