2009-083-RES-Awarding the contract for the purchase of materials for the water system improvements

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Materials are not delivered at the point of delivery ready for acceptance of delivery by OWNER within the time specified in paragraph 4.1 above, plus any extensions thereof allowed in accordance with Article 12 of the Procurement General Conditions. They also recognize that the timely performance of services by other parties involved in OWNER'S project are materially dependent upon CONTRACTOR'S specific compliance with the requirements of paragraph 4.1. Further, they recognize the delays, expense and difficulties involved in proving in a legal or arbitration proceeding the actual losses or damages (including special, indirect, consequential, incidental and any other losses or damages) suffered by OWNER if complete acceptable Materials are not delivered on time. Accordingly, and instead of requiring proof of such losses or damages, OWNER and CONTRACTOR agree that as liquidated damages for delay (but not as a penalty) CONTRACTOR shall pay OWNER $20 for each calendar day that expires after the time specified in paragraph 4.1 for delivery of acceptable Materials. Article 5. CONTRACT P1dCE OWNER shall pay CONTRACTOR for furnishing of the Materials and for perforrning other services in accordance with the Procurement Documents in current funds as follows: At the unit prices shown on the Unit Price Bid Schedule included herein. Article 6. PAYMENT PROCEDURES CONTRACTOR shall submit Applications for Payment in accordance with Article 6 of the Procurement General Conditions. Applications for Payment will be processed by ENGINEER, as provided in the Procurement General Conditions. 6.1 Progress Payments: OWNER shall make progress payments on account of the Contract Price in accordance with paragraph 6.3 of the Procurement General Conditions on the basis of CONTRACTOR'S Applications for Payment as follows: 6.1.1 Upon receipt of each Application for Payment submitted in accordance with paragraph 6.1 of the Procurement General Conditions and accompanied by ENGINEER'S recommendation of payment in accordance with paragraph 6.2.1 of the Procurement General Conditions, an amount equal to 95% of the Contract Price stated in the bid schedule. 6.2 Final Payment: Upon receipt of the final application for Payment accompanied by ENGINEER'S recommendation of payment in accordance with paragraph 6.6 of the Procurement General Conditions, OWNER shall pay the remainder of the Contract Price as recommended by ENGINEER. Article 7. INTEREST All monies not paid when due hereunder shall bear interest at the maximum rate allowed by law at the place of OWNER'S project. 15