Agenda - 01-15-2008-4y1 - Laserfiche WebLink

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4.15 Liquidated Damages The CM specifically recognizes that a delay by the CM in achieving the Substantial Completion of the Project wilt necessarily cause damages, losses, and expenses to the Owner, including, but not limited to and by way of illustration only, increased capitalized costs and interests for the Project, increased and extended Project overhead, Designer's and Consultant's fees, increased costs of construction, increased and extended operation costs of other facilities, and inefficiency and loss of productivity, and that such damages, losses, and expenses may not be readily identifiable or ascertainable at the time they are incurred or at any time. Therefore, and in recognition of these factors and the likelihood that actual damages from his delay will not be readily ascertainable, the CM agrees to pay to the Owner, as Liquidated Damages and not as a penalty, the sum of One Thousand Dollars ($1 •oaa) as the Liquidated Damages per day, for each day by which the failure to meet the Substantial Completion Date shown in the Master Schedule, adjusted in accordance with this Article, delays the Substantial Completion of the Project. The sum for Liquidated Damages is the amount reasonably estimated in advance to cover the losses to be incurred by the Owner by reason of failure of the GM to complete the Project within the time specified, such time being in the essence of this contract and a material consideration thereof. ARTICLE 5 CHANGES IN THE CONSTRUCTION MANAGER'S SERVICES AND ADDITIONAL COMPENSATION 5.1 Owner Changes The Owner, without invalidating this Agreement, may make changes in the CM's Services specified in Article 3 of this Agreement. The CM shall within ten (10) business days notify the Owner of any changes or other events which in the opinion of the CM entitle the CM to an increase or decrease in the Guaranteed Maximum Price, the duration of the CM's Services, or both. 5.1.1 Changes in the CM's Services Changes in the GM's Services maybe directed by the Owner in writing, and if so directed to provide different or additional Services the CM shall comply with the directions of the Owner. Additional compensation shall be settled by a written amendment to this Agreement executed by the Owner and the CM. If possible, the amendment shall be executed by the Owner and CM prior to the CM pertorming the services required by the amendment, but failure to agree on compensation for a change in Services shall not be grounds for the CM to cease or refuse to provide the Services reasonably requested by the Owner. The CM shall proceed to pertorm the services required by the amendment only after receiving notice directing the CM to proceed. 5.1.2 Additional Compensation and Extended Duration The CM shall be entitled to receive additional compensation and additional time when the scope or planned duration of Services is increased or extended through the fault of the Owner. The GM shall notify the Owner within ten (10) business days after changes to the scope of the Project or a part thereof or after delays caused in whole or in part by the Owner increase or extend the scope or duration of the CM's Services. 5.1.2.1 Fixed Fee [Not used] 5.1.2.2 General Conditions [Not used] 5.1.2.3 Cost of the Work [Not used] 5.1.3 Pavment of Additional Compensation The GM shall submit invoices for additional compensation with its invoice for Services and payment shall be made pursuant to the provisions of Article 7 of this Agreement. ARTICLE 6 OWNER'S RESPONSIBILITIES 6.1 Program The Owner shall provide to the CM complete information regarding the Owner's requirements for the Project. 6.2 Decisions The Owner shall examine information submitted by the CM and shall render decisions thereto promptly. 6.31nsurance The Owner shall furnish the insurance that the Owner has agreed to furnish as specified in Article 8. 18