Agenda - 11-18-1986 - Laserfiche WebLink

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maintained on schedule by the Party of .he First: . e. Part, or in the event the work is not com l.et within the time above specified, the Party of t 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 .- 11 promptly over the said work and complete the fo take this Contract in the manner . �. within aed time - above specified, and all funds due or to become de r to the Party of the First Part , 11 to the Surety® . In the even€ the Surety Suretyshall fail to over the work to be done under s Contract wItlan fifteen (15) days after being so rmtified. notify the Party of the Sec. . Part irk writing, sent by Registered Flail, that he is king the e over and stating that he will diligently pursue complete the same, the Party the Second Part shall have the right to let the work :remaining to be done to some other Contractor, either public letting or negotiation, and thereupon the Party of the First Part, the Contractor, said the .. urety on. his Bond shall forthwith pay the _ Party of the _ - Second Part all increase in costar loss and d- r e T 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 Party hereby agrees. to y to the Party of the First Part for the faithful performance of this Agreement, subject to additions and deductions as provided in the pecifi ations or proposal, in lawful money of the United States. 5a follows: Ninteen thousand dollars Summary of Contract Award : 4 On or before th' 20th day of each calendar month, the Party of the Second Part shall make payments the Party of the First. Part on the on the basis of a duly certified and approved estimate of work performed during the preceding calendar month by the Pirst Party, less five pencent - (5%) of the- amount of such estimate which is to be retained by _ the Second Party - until all work has been perfo -',ed strictly in accordance with this Agreement and until such work has been accepted by the Second Party. The Second Party s,;,-y elect to waive retainage 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 Party of evidence satisfactory to the Second Party that all payrolls, material bills and other costs incurred the First Party in connection with the construction of the work has been within thirty 0 days after the completion by the First Party of all work covered