AgdaPkt 2005-10-24 - Laserfiche WebLink

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III. ~ / L-$ CONTRACT TIME AND LIQUIDATED DAMAGES A. Contractor shall complete the Work within the following Schedule reflecting the date the Contract Time commences to run as set forth in Section 00205 (Notice to Proceed) and Section 00210 (General Conditions); and 1. Contractor shall achieve Substantial Completion of the Work as assigned by the City for each work assignment for up to 365 Calendar days or the full contract amount, from notice to proceed. The agreement cycle shall run from September 1st through August 31St of the following calendar year. B. Liquidated Damaqes 1. City and Contractor recognize that time is of the essence of this Agreement and that City will suffer financial loss in the form of lost revenues, contract administration expenses (including project management and consultants' expenses), delay and loss of public use, if the Work is not completed within the reasonable time specified in the work assignments including any extensions thereof allowed in accordance with the Contract Documents. Consistent with Document 00210 (General Conditions), Contractor and City agree that because of the nature of the Project, 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. 2. Accordingly, City and Contractor agree that Contractor shall pay City Five Hundred and No/100 Dollars ($500.00) for each Day that expires after the reasonable time specified in each assignment for Contractor to achieve Substantial Completion, until such date as contractor achieves Substantial Completion. C. Liquidated damages for delay shall only cover and be in lieu of the actual damages suffered by City as a result of delay referenced above. Liquidated damages shall not cover the cost of completion of the Work, damages resulting from defective work, cost of temporary replacement facilities, damages suffered by others who then seek to recover their damages from City (for example, delay claims of other contractors or subcontractors), and defense costs thereof. D. Contract Period This contract will cover five (5) consecutive years. The compensation for each subsequent year shall be subject to annual adjustment as set forth below. (a) The San Francisco-Oakland-San Jose Consumer Price Index. All Items. 1982-84=100 for All Urban Consumers (CPI-U) published by the U.S. Department of Labor, Bureau of Labor Statistics (the "Index") shall be used for the purpose of calculating annual compensation increases. The maximum percentage increase for any subsequent year shall be 5% increase over the individual bid item rate for the initial or preceding contract year. (b) The "Beginning Index" shall be the index published for the initial year prior to the commencement of the subsequent "Extension" year. The "Extension Index" shall be AGREEMENT 00200-2