181-26 Exhibit A- Final Specifications_compressed.pdf

This sum is hereby agreed upon not as a penalty, but as liquidated damages which the Owner will suffer by reason of such default. The Owner shall have the right to deduct the amount of any such damages from any monies due the Contractor under the Contract. In the event the Contractor shall fail to complete the work under this Contract on or before said completion date, then any wages paid by the Owner to any inspector or inspectors necessarily employed by the Owner for any services performed subsequent to the aforesaid completion date shall be deducted from the payments otherwise due from the Owner to the Contractor. ARTICLE IV - PAYMENT The Owner, in consideration of faithful performance by the Contractor of all and singular his covenants, promises and agreements contained herein, agrees to pay the Contractor for the full completion by them of the work embraced in this Contract, in the manner and within the time herein specified and limited and to the satisfaction and approval of the Engineer, the prices stipulated in the said Proposal attached such payment to be made at the times and in the manner herein specified and also agrees to pay, in addition, such amounts as may be agreed upon for modifications and for extra work in accordance with Section 14 of the General Conditions of Contract. ARTICLE V - PARTIAL AND FINAL ESTIMATES The Owner shall make a progress payment to the Contractor on the basis of a duly certified and approved estimate of the work performed during the preceding calendar month under this Contract, but to insure the proper performance of this Contract, the Owner shall retain two percent (2%) of the amount of each estimate, or the percentage required under New Jersey Statutory Authority, until final completion and acceptance of all work covered by this Contract. A payment of ninety percent (90%) of the invoiced price of material received at the job site but not incorporated in the work will be included in the monthly estimates, providing the following conditions are satisfied: 1. The materials shall be received in a condition satisfactory for incorporation in the work. 2. The materials shall be stored in such manner that they will not be damaged due to weather, construction operations or any cause. 3. An invoice

in the work. 2. The materials shall be stored in such manner that they will not be damaged due to weather, construction operations or any cause. 3. An invoice from the supplier shall be furnished for each item. 4. The Contractor shall furnish written proof of payment of the materials no later than thirty (30) days after receipt of payment. 5. Materials delivered to the job site more than ninety (90) days in advance of their incorporation in the work will not be paid for as materials on hand unless payment is specifically approved by the Engineer. All materials and work covered by partial payments made shall thereupon become the sole property of the Owner, but this provision shall not be construed as relieving the Contractor from the sole responsibility for the care and protection of materials and work upon which payments have been made or the restoration of any damaged work or as a waiver of the right of the Owner to require the fulfillment of all the terms of the Contract. The Contractor agrees that he will indemnify and save the Owner harmless from all claims growing out of the lawful demands of subcontractors, laborers, workmen, mechanics, materialmen, and furnishers C-2