Agenda - 06-26-2007-4dd - Laserfiche WebLink

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time they are incurred or at any time. Therefore, and in recognition of these factors and the likelihood that actual damages from his delay will not be readily ascertainable, the CM agrees to pay to the Owner, as Liquidated Damages and not as a penalty, the sum of Three Thousand Dollars ($3,000) as the Liquidated Damages per day, for each day by which the failure to meet the Substantial Completion Date shown in the Master Schedule, adjusted in accordance with this Article, delays the Substantial Completion of the Project. The sum for Liquidated Damages is the amount reasonably estimated in advance to cover the losses to be incurred by the Owner by reason of failure of the CM to complete the Project within the time specified, such time being in the essence of this contract and a material consideration thereof. ARTICLE 5 CHANGES IN THE CONSTRUCTION MANAGER'S SERVICES AND ADDITIONAL COMPENSATION 5.1 Owner Changes The Owner, without invalidating this Agreement, may make changes in the CM's Services specified in Article 3 of this Agreement. The CM shall within three (3) days notify the Owner of any changes or other events which in the opinion of the CM entitle the CM to an increase or decrease in the Guaranteed Maximum Price, the duration of the CM's Services, or both. 5.1.1 Changes in the CM's Services Changes in the CM's Services maybe directed by the Owner in writing, and if so directed to provide different or additional Services the CM shall comply with the directions of the Owner. Additional compensation shall be settled by a written amendment to this Agreement executed by the Owner and the CM. If possible, the amendment shall be executed by the Owner and CM prior to the CM pertorming the services required by the amendment, but failure to agree on compensation for a change in Services shall not be grounds for the CM to cease or refuse to provide the Services reasonably requested by the Owner. The CM shall proceed to perform the services required by the amendment only after receiving notice directing the CM to proceed. 5.1.2 Additional Compensation and Extended Duration The GM shall be entitled to receive additional compensation and additional time when the scope or planned duration of Services is increased or extended through the fault of the Owner. The CM shall notify the Owner within three (3) days after changes to the scope of the Project or a part thereof or after delays caused in whole or in part by the Owner increase or extend the scope or duration of the CM's Services. 5.1.2.1 Fixed Fee [Not used] 5.1.2.2 General Conditions [Not used] 5.1.2.3 Gost of the Work [Not used) 5.1.3 Pavment of Additional Compensation The CM shall submit invoices for additional compensation with its invoice for Services and payment shall be made pursuant to the provisions of Article 7 of this Agreement. ARTICLE 6 OWNER'S RESPONSIBILITIES 6.1 Program The Owner shall provide to the CM complete information regarding the Owner's requirements for the Project. 6.2 Decisions The Owner shall examine information submitted by the GM and shall render decisions thereto promptly. 6.3 Insurance The Owner shall furnish the insurance that the Owner has agreed tofurnish as specifed in Article 8. 6.4 Notice of Non conformities If the Owner observes or otherwise becomes aware of any fault or defect in the Project or nonconformity with the Contract Documents, the Owner shall give prompt written notice thereof to the CM. 6.5 Approvals The Owner shall furnish required information and approvals and perform its responsibilities and activities in a timely manner to facilitate orderly progress of the Work in cooperation with the CM, consistent with this Agreement, and in accordance with the 18