Laserfiche WebLink
<br />of the Contractor, and sha11 in fact substantially coxnplete said work, within the time set <br />forth in Exhibit III, Time Schedule, attached hereto and made a part hereof. <br />5ECTION 6 LI(?UIDATED AND SPECIAL DAMAGES <br />6.1 Liquidated Damages: CITY and CONTRACTOR recognize that time is of <br />the essence as to Substantial Completion and that CITY will suffer financial loss, if the <br />Work is not substantially completed within the time specified in Section 5 above, plus any <br />extensions thereof allowed in accordance with Article 12 of the General Conditions. <br />CITY and CONTRACTOR also recognize and acknowledge the difficulty in determining <br />with reasonable certainty the actualloss which will be suffered by CITY if the Work is not <br />substantially completed on time. Accordingly, as it is not possible to establish sa.id <br />damages with certainty, CITY and CONTRACTOR agree that as liquidated damages for <br />delay (but not as a penalty) CONTRACTOR shall pay CITY One Thousand Dollars <br />($1,000) for each day that occurs after the time period specified in Section 5 for <br />Substantial Completion (adjusted for any extensions thereof made in accordance with <br />Artiele 12 of the General Canditions) has concluded and before the date that the Work is <br />substantially complete. <br />6.2 Special Damages: In addition to the amount provided for liquidated <br />damages, CONTRACTOR sha11 pay CITY the actual costs reasonably incurred by CITY <br />for its engineering and inspection forces employed on the Work for each day that occurs <br />after the time specified in Section 5 for Substantial Completion (adjusted for any <br />extensions thereof made in accordance with Article 12 of the General Conditions) until the <br />Work is substantially complete. <br />6.3 After Substantial Completion, if CONTRACTOR shall neglect, refuse or <br />fail to complete the remaining Work within the Contract Time, CONTRACTOR shall <br />accordingly, in addition to liquidated damages as provided above, pay CITY the actual <br />costs reasonably incurred by CITY for engmeering and inspection forces employed on the <br />Work for each day that occurs after the time specified in Section 5 for the Work to be <br />completed and ready for final payment (adjusted for any extensions thereof made in <br />4 <br />