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DocuSign Envelope ID:A9CF8A9E-4CDB-4BB9-A678-D4AD80CD1393 <br /> C. Insert a new Paragraph 8.5 as follows: <br /> 8.5 "TIMELY ACCOMPLISHMENT OF WORK AND LIQUIDATED DAMAGES" <br /> 8.5.1 It is the intent of the Owner to award the Contract immediately after <br /> receipt of Bids,providing the Bids received are within funds available. <br /> 8.5.2 The Contractor shall commence work within five calendar days after <br /> receipt of"Notice to Proceed" unless otherwise stipulated in said notice and shall <br /> be substantially complete within 45 calendar days. The final completion date <br /> will be 15 calender days after the substantial completion date. <br /> 8.5.3 If the Contractor shall fail to complete the Work within the time specified, <br /> or any proper extension thereof granted by the Owner,then the Contractor agrees <br /> that such failure constitutes a breach. The Contractor agrees that the Owner may <br /> elect to forbear its right to terminate for cause under Article 13.2, or to take other <br /> corrective actions such as the right to carry out the work authorized by Article <br /> 2.4, and in consideration of the Owner's forbearance the Contractor agrees to pay <br /> the Owner the fixed amount of$200 for each day of delay as liquidated damages. <br /> The Contractor agrees that the liquidated damages may be deducted by the <br /> Owner from any funds that are otherwise owed to the Contractor and not yet <br /> paid. The parties agree that time is of the essence in this Contract, and that the <br /> above amount is fixed and agreed upon due to the impracticality and extreme <br /> difficulty of fixing and ascertaining the actual damages the Owner would sustain <br /> in the event of such delay. Actual damages may include but not necessarily <br /> limited to rental and/or other expenses of the use of other facilities, loss of grant <br /> money or other revenues,loss of the use of capital and additional interest expense <br /> and financing cost and claims by other parties in contract with the Owner for <br /> their delay expenses. <br /> 8.5.4 The Contractor shall notify his surety in writing of any extension(s) of time <br /> that may granted. <br /> VIII. MODIFICATIONS OF ARTICLE 9-PAYMENTS AND COMPLETION <br /> A. Paragraph 9.3 "APPLICATIONS FOR PAYMENT" <br /> 1. In Subparagraph 9.3.1, delete the words "At least ten days" and replace them <br /> with"At least thirty days". <br /> 2. Insert at the end of Subparagraph 9.3.1 the following: Applications for payment <br /> referenced in this Subparagraph 9.3.1 of the GENERAL CONDITIONS shall be <br /> submitted to the Architect on the Owner's standard form and shall include the <br /> Schedule of Values and Progress Schedule as described in Paragraph 3.10 herein, <br /> adjusted from the original to show actual conditions at time of submission of <br /> Application for Payment. <br /> 3. Delete Subparagraph 9.3.2 in its entirety and substitute in its stead the following <br /> new Subparagraph 9.3.2: <br /> 9.3.2 Subject to issuance of Certificates of payment, payments will become due <br /> and payable each month in accordance with the provisions of the GENERAL <br /> CONDITIONS in the amount of ninety percent of the proportion of the Contract <br /> SGC - 12 <br />