Agenda - 02-03-1986 - Laserfiche WebLink

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, C 0 PY , this Contract, has furnished to the Party of the Second Part a construe.. tion schedule setting forth planned progress of the building broken down by the various divisions or part of the work and by calendar 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 Registered 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, ent by Registered that he is taking the same over and stating tht he will dil p Mail, and complete the same, the Party of the Second Part shall have the right to let the work remaining to be done to some other Contractor, either by public letting or negotiation, and thereupon the P the Contractor, and the Surety on his Bond shall for�thwitthtpaFirst he Party of the Second 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 Part hereby agrees to pay to the Party 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 money of the United States as follows: eighty four thousand four hundred dollars and NO/lO0 Summary of Contract Award: Elevator Addition — Orange County New Courthouse II 4. On 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 per1ent (5%) 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- ment and until such work has been accepted by the Second Party. The Second Party may elect to waive retainage requirements after 50'7 of the work has been satisfactorily completed on schedule as referred to in Article 30 ofi the General Conditions. 5. Upon submission by the First Party of evidence satisfactory to the Second Party 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, 1 final payment on account of this Agreement shall be made within thirty (30) days after the completion by the First Party of all work covered by this Agreement and the acceptance of such work by the Second Party. 1 6. It is further mutually agreed between the at any time after the execution of this Agreement and the Sur tyhBond hereto attached for its faithful performance, the Second Party shall deem the Surety. or Sureties upon such Bond to be unsatisfactory, reason, such Bond ceases to be adequate to cover the or if, for any work, the First Party shall, at its expense, within five (5) 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 satisfactory to the Second Party. In such event no further pay_ 1