79-26 MT Contracting Structural Improvements at OSPAC v2 DJH.pdf

3 6.3. Upon final inspection and acceptance of the Work, in accordance with the Conditions of the Contract, OWNER will pay the remainder of the Contract Price as recommended by ENGINEER. ARTICLE 7. LIQUIDATED DAMAGES 7.1. OWNER and CONTRACTOR 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 Contract Time specified in Article 3 above, plus any extensions thereof allowed in accordance with Article 12 of the Conditions of the Contract. They 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 $500.00 per day for each day of delay beyond the Final Completion date until the Work is complete. In addition, the OWNER may have a deduction from Contractor’s payments for Engineering and Inspection Fees incurred for any number of days in excess of the number allowed in this agreement. 7.2. Provided, that CONTRACTOR shall not be charged with liquidated damages or any excess cost when the delay in completion of the Work is for reasons included in the Conditions of the Contract. 7.3. Provided, further, that CONTRACTOR shall, furnish OWNER the required notification of such delays in accordance with the Conditions of the Contract. ARTICLE 8. ASSURANCE 8.1. CONTRACTOR has familiarized himself/herself with the nature and extent of the Contract Documents, Work, locality, and with all local conditions and Federal, State and local laws, ordinances, rules and regulations that in any manner may affect cost, progress or performance of the Work. 8.2. CONTRACTOR has studied carefully all reports of investigations and tests of subsurface and latent physical conditions at the site or otherwise affecting cost, progress or performance of the Work which were relied upon by ENGINEER in the preparation of the Drawings and Specifications and which have been identified in the Supplementary Conditions. 8.3. CONTRACTOR has made or caused to be made examinations, investigations and tests and studies of such reports and related data [in addition to those referred to in the above paragraph] as CONTRACTOR deems necessary for

ade or caused to be made examinations, investigations and tests and studies of such reports and related data [in addition to those referred to in the above paragraph] as CONTRACTOR deems necessary for the performance of the Work at the Contract Price within the Contract Time and in accordance with the other terms and conditions of the Contract Documents; and no additional examinations, investigations, tests, reports or similar data are or will be required for such purposes.