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reasonable diligence and best judgment while exercising its professional skill and expertise. 3. Term. Unless earlier terminated , the term of this Agreement will commence upon the date first above written and shall expire upon completion of performance of Services hereunder by Contractor. 4. Payment. As full and complete compensation for Contractor's timely performance and completion of the Work in strict accordance with the terms and conditions herein, including all costs and expenses incurred by Contractor, either known or unknown at this time, City will pay Contractor an amount not to exceed $38,500, in accordance with the payment provisions herein. Payment shall not be due until completion of the work to City's satisfaction . No other compensation for the Services will be allowed except for items covered by subsequent amendments to this Agreement. 5. Time for Completion . Contractor will fully complete the Work for the Project within 60 calendar days from the commencement date given in the Notice to Proceed ("Contract Time"). By signing below, Contractor expressly waives any claim for delayed early completion. 6. Liquidated Damages. Time is of the essence for each and every provision of this Agreement. The parties agree that because of the nature of the project, including abatement of hazardous materials, it would be impractical or extremely difficult to fix the amount of actual damages incurred by City because of a delay in completion of the work. If Contractor fails to complete the Work within the Contract Time for Completion, City may assess liquidated damages in the amount of Two Hundred Dollars ($200.00) for each day of unexcused delay in completion following issuance of a notice to proceed by City, and the Contract Price shall be reduced accordingly. 7. License and Registration Requirements. This Project requires a valid California contractor's license for the following classification(s): C21 , C22, andf ASB. This Contract is contingent upon proof that Contractor and its Subcontractors are registered with the California Department of Industrial Relations ("DiR") to perform public work under Labor Code Section 1725.5, subject to limited legal exceptions. 8. Labor Code and Prevailing Wage Requirements. This Contract is subject to all applicable requirements of Chapter 1 of Pad 7 of Division 2 of the Labor Code, including requirements pertaining to wages, working hours and workers' compensation insurance. This Project is subject to the prevailing wage requirements applicable to the locality in which the Work is to be performed for each craft, classification or type of worker needed to perform the Work, including employer payments for health and welfare, pension, vacation, apprenticeship and similar purposes. Copies of these prevailing rates are available online at http ://www.dir.ca .gov/DLSR . REV: 07-0646 FF Page 4 of 11 ATTY/AGR.2016. 177/EG Concrete Construction