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7.1 .E. - Page 5 <br /> B. Liquidated Darnac�es <br /> 1. Gity and Cantractar recognize that time is of the essence af this Agreernent <br /> and that Gity will suffer financial loss in the form of lost revenues, coniract <br /> administration expenses (ir7cludinc� project mar7ac�ement and cor7sultants' <br /> expenses), delay and loss of public use, if the Work is not completed within <br /> the time specified in paragraph III.A.1 abave plus any extensions thereof <br /> allowed in accordance with the Contract documents. Consistent with Section <br /> 00700 (General Canditions}, Cantractor and City agree that because of the <br /> nature of Che Project, iC would be impracCical or extremely difficulC Co fix ihe <br /> amount of actual damages incurred by City because of a delay in completion <br /> of the Work. <br /> 2. Accardingly, City and Contractor agree that Contractar shall pay City Five <br /> Hundred and no,'100 dollars ($500.00} for each Day that expires after the <br /> time specified in Paragraph III.A.1 of this Sectian 4Q524 far Contractar ta <br /> achieve Substantial Gompletion, until such date as contractor achieves <br /> Substantial Completion. <br /> C. Liquidated damages for delay shall only cover and be in lieu of the actual damages <br /> suffered by Gity as a result of delay referenced above. Liquidated damages shall <br /> not cover the cost of completion of the Work, damages resulting from defective <br /> work, cost of temporary replacement facilities, damages suffered by others who <br /> then seek to recover their damages from City (for example, delay claims of other <br /> contractors or subcontractors}, and defense cosis ihereof. <br /> IV. CITY'S ENGINEER AND REPRESENTATIVES <br /> Resenred <br /> V. C4NTRACTOR'S REPRESENTATIONS ANQ WARRANTIES <br /> In order to induce City to enter into this Agreement, Contractor makes the following <br /> representations and warranties: <br /> A. Cor7tractor Y�as visited tY�e Site ar7d has exarr�ined tY�oraughly and ur7derstaod tY�e <br /> nature and e�ent of the Work; Site; locality, actual conditions, as built conditions, <br /> and aIl Iacal canditians and federal, state and lacal laws and regulatians that in any <br /> manner may affect cost, progress; performance or furnishing of Work or which <br /> relate to any aspect of the design and the means, methods, techniques, sequences <br /> ar procedures af consiruction to be ernployed by Cantractor and safety precautians <br /> and programs incident thereto. <br /> B. Contractor has examined thoraughly and understood all reports af explaration and <br /> tests of subsurface conditions, drawings or reports, available for design and <br /> construction purposes, of physical conditions, or which may be apparent at the Site <br /> and accepts the determinatian set farth in these Sectians and Sectian 00700 <br /> (General Conditions} of the limited extent of the information contained in these <br /> Sections upon which the Gontractar rnay be entitled to rely. Gantractar agrees that <br /> except for the information so identified, Goniractor does not and shall not rely on <br /> any other inforrnation contained in these Sections. <br /> C. Contractor has considered the physical canditians at ar contiguaus to the Site or <br /> otherwise which may affect the cost, progress, performance or furnishing of Work, <br /> as Contractor considers necessary for the performance or furnishing of Work at the <br /> Contract Sum, within the Gontract Time and in accordance with the other terms and <br /> cor7ditions of Contract docurnents, ir7cludir7g specifically the pravisians of tY�e <br /> General Conditions. <br /> AGREEMENT 00520-2 <br /> 2012-2013 BREWSTER AVENUE OVERLAY PROJECT <br />