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ORIGINAL AGREEMENT for the City of Redwood City PENINSULA TANK No. 2 SEISMIC IMPROVEMENT PROJECT THIS AGREEMENT, made this _1L day of , 2020, by and between Valentine Corporation whose place of business is at 111 Pe ' n Way, San Rafael, CA 94901-5519 hereinafter called "CONTRACTOR", and the City of Redwood City, a Charter City and municipal corporation of the State of California, hereinafter referred to as "CITY". In consideration of the mutual covenants hereinafter set forth, Contractor and City agree as follows: WORK A. Contractor shall complete all Work specified in the Contract documents, in accordance with the Specifications, Drawings, and all other terms and conditions of the Contract documents. II. CONTRACT SUM A. City shall pay the Contractor as the "Contract Sum" for completion of Work in accordance with the Contract documents, as the amount of One Million Two Hundred Ninety Eight Thousand Three Hundred Sixty Nine Dollars and No/100 Dollars ($1,298,369.00) computed in accordance with Contractor's Accepted PFepasal Bid dated, January 22, 2020, which Prepesaf Bid is incorporated herein by reference thereto as if fully set forth. B. The Contract Sum is all inclusive and includes all Work; all federal, state, and local taxes on materials and equipment, and labor furnished by Contractor, its subcontractors, subconsultants, architects, engineers, and vendors or otherwise arising out of Contractor's performance of the Work, including any increases in any such taxes during the term of this Agreement; and any duties, fees, and royalties imposed with respect to any materials and equipment, labor or services. The taxes covered hereby include (but are not limited to) occupational, sales, use, excise, unemployment, FICA, and income taxes, customs, duties, and any and all other taxes on any item or service that is part of the Work, whether such taxes are normally included in the price of such item or service or are normally stated separately. Notwithstanding the foregoing, each party shall bear such state or local inventory, real property, personal property or fixtures taxes as may be properly assessed against it by applicable taxing authorities. 111. 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 00550 (Notice to Proceed) and Section 00700 (General Conditions); and Contractor shall achieve Substantial Completion of the Work within one hundred and thirty-four (134) from the date the Contract Time commences to run. B. Liquidated Damages 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'