2010-126 RES AWARDING CONTRACT TO SPANN CONCRETE FOR PERISTYLE

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designs, and/or drawings, the Advertisement for Bid and the Contractor's Proposal shall control in that order. IV. TIME OF COMPLETION/LIQUIDATED DAMAGES That the work to be performed shall be commenced upon receipt of a written Notice to Proceed from CITY, and subject to authorized adjustments, Substantial Completion shall be achieved within one hundred twenty (120) calendar days. CONTRACTOR agrees to pay as liquidated damages, the sum of ONE HUNDRED DOLLARS ($100.00) per day for each consecutive calendar day in addition to the aforementioned Contract time that is requested to complete the work. V. CONTRACTOR SUM AND PAYMENT CITY shall pay CONTRACTOR in current funds for performance of the work, subject to additions and deductions by Change Order as provided for in the Contract Documents, the Contract sum of NINETY-NINE THOUSAND EIGHT HLTNDRED NINETY-NINE AND 66/13OLLARS ($99,899.60). Based upon Applications for Payment submitted to the Architect by CONTRACTOR and Certificates for Payment issued by the Architect, CITY shall make progress payrnents on account of the Contract Sum to the Contractor as provided in the Payment Procedures specified in the General Requirements. Final payment, constituting the entire unpaid balance of the Contract Sum, shall be paid by CITY to CONTRACTOR when the work has been completed and accepted, the Contract fully performed, and a final Certificate for Payment has been issued by the Architect. VI. PERFORMANCE AND PAYMENT BONDS With the execution and delivery of the contract, the CONTRACTOR shall furnish and file with the CITY in the amounts herein required, performance and payment bonds in accordance with the provisions of Chapter 2253 Texas Government Code, as amended and Article 7.19-1 of the Insurance Code, as amended. The Bonds shall be submitted on a form approved by CITY. The sureties shall be listed in the most current Federal Register Treasury List. CITY reserves the right to reject any and all sureties. VIL INSURANCE AND INDEMNIFICATION That CONTRACTOR must, at all times during the term of this Agreement, keep and maintain in full force and effect a policy or policies of insurance, providing at least $250,000.00 per person and $500,000.00 for any single occurrence for bodily injury or death and $100,000.00 for any single occurrence for injury to or destruction of property, indemnifying all persons for any and all damages, personal injuries, or property damages sustained as the result of the negligence of CONTRACTOR, its agents, servants, or employees, and shall pay all premiums due thereon when due. It is expressly provided that such insurance policy or policies shall and must be written and Page 2 of 5