Agenda - 02-03-1986 - Laserfiche WebLink

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014 Lci) U this Contract has furnished to the. Party of the Second Part a construc- 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 tune 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 (1.5) days after being so notified and notify the Party of the Second Part in writing, sent by Registered Mail, that he 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 work 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 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 of the First Part for the faithful performance of this Agreement,the to additions and deductions as provided in the specifications or proposal, in lawful money of the United States as follows: ei four hundred dollars and NO/100 -■ (s_ 84,400.00 -- Summary of Contract Award: Elevator Addition — Orange County New Courthouse • 4. On or before the 20th day of each calendar month, the Party of the Second Part shall make payments to the Party o f.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 (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 retaiaage requirements after 50' of the work has been satisfactorily completed on schedule as referred to in Article 30 of the General Conditions. 5. Upon submission by the First P the Second Party that all Party of evidence satisfactory to 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 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. 6. It is further mutually agreed between the at any time after the execution of this Agreement and the Surety that 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 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 satisfactory to the Second Party. In such event no further pay- .