25-REHABILITATION OF THE EAST ELEVATED STORAGE TANK

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The undersigned bidder agrees to commence work within ten (10) days after the date of written notice to commence work. The work will be substantially completed in one hundred twenty (120) calendar days subject to the extensions of time as are provided by the General Conditions of the Contract. Owner and Contractor recognize that time is of the essence and that Owner will suffer financial loss if the work contemplated in this Project is not completed within the time specified plus any extensions allowed in change orders granted pursuant to the General Conditions. Owner and Contractor recognize the delays, expenses and difficulties involved in proving the actual loss suffered by Owner if the work to be completed in the Project is not completed on time. Accordingly, instead of requiring any such proof, Owner and Contractor agree that as liquidated damages for delay (but not as a penalty), Contractor shall pay Owner Two Hundred Fifty Dollars ($250.00) per calendar day for each day that expires after the time specified herein for completion of the work. Enclosed with this proposal is a cashier's or certified check for ) Dollars, or a bid bond in the sum of ~ Dollars, which it is agreed shall be collected and retained by the Owner as liquidated damages in the event this proposal is accepted by the Owner within thirty (30) days after the date advertised for the reception of bids and the undersigned fails to execute the contract and the required bond with the Owner, under the conditions hereof, within fifteen (15) days after the said proposal is accepted, otherwise, said check or bond shall be returned to the undersigned upon demand. The undersigned hereby declares that he has visited the site and has carefully examined the contract documents relative to the work covered by the above bid. Respectfully submitted, Bidder: Signed: Title: Address: Seal - if bidder is a corporation ~ , 347 Section III - 4