2012-058 RES AUTHORIZING CITY MANAGER TO ENTER INTO CONTRACT WITH RICHAD DRAKE CONSTUCTION CO TO EFFECT REPAIRS TO 24TH SE ST BRIDGE AT SANDY CREEK

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Liquidated Damages. City and CONTRACTOR recognize that time is of the essence of this Agreement and that City will suffer financial loss if the Work is not completed within the times specified above, plus any extensions thereof allowed by signed and authorized change order. The Parties also recognize the delays, expense and difficulties involved in proving in a legal or arbitration proceeding the actual loss suffered by City if the Work is not completed on time. Accordingly, instead of requiring any such proof, City and CONTRACTOR agree that as liquidated damages for delay (but not as a penalty) CONTRACTOR shall pay City $250.00 for each additional calendar day that Contractor requires to complete the Work beyond the time set out herein. V. PAYMENT City shall pay CONTRACTOR for work completed and accepted by City within thirty (30) days of receipt of invoice. Contractor recognizes that this Agreement shall commence upon the effective date herein and continue in full force and effect until termination in accordance with its provisions. Contractor and the City recognize that the continuation of any contract after the close of any given fiscal year of the City of Paris, which fiscal year ends on September 30t" of each year, shall be subject to Paris City Council approval. In the event that the Paris City Council does not approve the appropriation of funds for this Contract, the Contract shall terminate at the end of the fiscal year for which funds were appropriated and the parties shall have no further obligations hereunder. VI. 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 $500,000.00 per occurrence and $1,000,000.00 aggregate for bodily injury (including death), and damage 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 Contractor shall pay all premiums due thereon when due. It is expressly provided that such insurance policy or policies shall and must be written and issued by a reputable insurance company or companies licensed to write insurance policies by the State of Texas. The policy or policies shall be written or endorsed to cover the City, its elected officials, officers and employees as additional insured. Contractor or its insurance carrier or carriers shall deliver a copy of any such policies to the City Clerk of the City of Paris, 150 1 st Street S.E., Paris, Texas 75460, or furnish to said City Clerk a current letter or certificate from such company or companies, evidencing the fact that such insurance is in full force and effect at all times during this Agreement, and any extensions hereof, and specifically noting thereon that the City, its elected officials, officers and employees are covered as an additional insured. All such policies shall be written so that the City will be notified of cancellation or of any restrictive amendment of the policies at least thirty (30) days prior to the effective date of such cancellation or amendment. Notice shall be by certified mail, return receipt requested, addressed to the City at the following address: City Clerk, City