Township Council Meeting — Packet

ARTICLE Ill - DAMAGES FOR FAILURE TO COMPLETE ON TIME The Contractor shall pay to the owner for each and every calendar day that he shall be in default in completing the work ready for service and/or in completing the entire work within the respective times stipulated, unless the times are extended as provided herein, a sum of two hundred dollars ($200.00). 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 him 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 - PARTIALAND 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.

rcent (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 from the supplier shall be furnished for each item.