Agenda - 12-17-1985 - Agenda - Laserfiche WebLink

Browse Search

Ole • • . - .. • . . this.Contract, has furnished to the Party of the Second Part a. construe. Lion schedule setting forth planned progress of the building broken down by • - the various divisions or part of the-work and by Wender days.In the event that•the progress of the work is not maintained on schedule by the Party • of the First Part;or in the event the•work is not completed within the time above specified. the Party of the Second Part may upon fifteen (15) days . • • . notice, sent by Registeredt.Mail, to the Party of the First Part and his - Surety,declare this Contract in default,and, thereupon, such Surety shall. ' promptly take over the said work and complete the performance.of this Contract in the manner and within the time above specified, and all funds • due or to become due.to the Party of the First Part shall be paid to the • Surety.In the event the Surety shall fail to take over the work to be done under this Contract within fifteen (15) days after being so notified and .=� . notify-the party of the Second Part in writing,.sent by Registered Mail, • . that be Is taking the same over and stating that he will diligently pursue . • • and complete the same,the Party of the Second Part shall have the right . to let the York remaining to,be done to some other Contractor..either by public letting or negotiation, and thereupon the Party of the First Part, the Contractor,and the Surety on his Bond shall forthwith pay the Party of the Secthrd Part•all increase.in cost or-loss and damage which it may sustain on account of such default on the part of the Party of the First • Part. . - 3: The Party of the Second Pait hereby agrees to pay to the Party I of the First Part for the faithful performance of this Agreement, subject . • to additions and deductions as provided in the specifications or proposal, in lawful pion of the United States.as follows: e1qht7 f r...tiogapA - fasr hrua dollars and t /100 Sutnary of Contract Award: Elevator Addition m . 4.. onI or before the 20th day of each calendar month, the Party of • • the Second Part shall make payments to the Party of:the First Part on the basis of a duly certified and approved estimate of work performed during the preceding calendar month by the First Party, less five percent (59'x) of the amount of such estimate which is to be retained by the Second Party until-all work has been performed strictly in accordance with this Agree. merit and until such work has been accepted by the Second Party. The Second Party may elect to waive retainage.requirements after 50% of • the work hies been satisfactorily completed on schedule as referred to in Article 30 of the General Conditions.. 5. Upon submission by the First Party of evidence satisfactory to the Second that all payrolls, material bills and other costs incurred • by the First Party in connection with the construction of the work has been paid in full; final payment on account of this Agreement shall be made within thin), (30) days after the completion by the First Party of all work v y covered by this Agreement and the acceptance of such work by the Second Party. • , 6,. It is furtheir mutually agreed between the a8'r parties hereto that if at any time after the execution of this Agreement and the Surety Bond • hereto attached for its faithful performance,the Second Party shall deem - the Surety dr Sureties.upon such Bond to be unsatisfactory, or if for any - reason, such Bond ceases to be adequate to cover the performance of the work.the First Party shall, at its expense, within five (5) days after the receipt of notice from the Second Party so to do. furnish an additional Bond or Bonds in such form and amount, and with such Surety or Sureties• as shall be i satisfactory to the Second Party. In such event no further pay- • 0021-2/3