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SECTION 00520-AGREEMENT <br /> BETWEEN OWNER AND CONTRACTOR <br /> FOR CONSTRUCTION CONTRACT(STIPULATED PRICE) <br /> THIS AGREEMENT is by and between City of Elk River ("Owner")and <br /> ("Contractor"). <br /> Owner and Contractor hereby agree as follows: <br /> ARTICLE 1—WORK <br /> 1.01 Contractor shall complete all Work as specified or indicated in the Contract Documents.The Work is generally <br /> described as follows: Lions Park Drive Improvements <br /> ARTICLE 2—THE PROJECT <br /> 2.01 The Project,of which the Work under the Contract Documents is a part, is generally described as follows: <br /> Reconstruction of Lions Park Drive <br /> ARTICLE 3—ENGINEER <br /> 3.01 The part of the Project that pertains to the Work has been designed by Bolton& Menk, Inc. <br /> 3.02 The Owner has retained Bolton& Menk, Inc.,to act as Owner's representative,assume all duties and <br /> responsibilities,and have the rights and authority assigned to Engineer in the Contract Documents in connection <br /> with the completion of the Work in accordance with the Contract Documents. <br /> 4.01 Time of the Essence <br /> A. All time limits for Milestones, if any,Substantial Completion,and completion and readiness for final <br /> payment as stated in the Contract Documents are of the essence of the Contract. <br /> 4.02 Contract Times: Dates <br /> A. The Work will be substantially completed on or before November 1,2019,and completed and ready for <br /> final payment in accordance with Paragraph 15.06 of Section 00700"General Conditions"of this Project <br /> Manual on or before November 22,2019. <br /> 1. Should the City determine it is beneficial to pave the wear course in 2020,the wear course and <br /> striping shall be completed in the 2020 construction season, but no later than August 2,2020. <br /> 4.03 Liquidated Damages <br /> A. Contractor and Owner recognize that time is of the essence as stated in Paragraph 4.01 above and that <br /> Owner will suffer financial and other losses if the Work is not completed and Milestones not achieved <br /> within the times specified in Paragraph 4.02 above, plus any extensions thereof allowed in accordance <br /> with the Contract.The parties also recognize the delays,expense,and difficulties involved in proving in a <br /> legal or arbitration proceeding the actual loss suffered by Owner if the Work is not completed on time. <br /> Accordingly, instead of requiring any such proof,Owner and Contractor agree that as liquidated damages <br /> for delay(but not as a penalty): <br /> 1. Substantial Completion: Contractor shall pay Owner$500.00 for each day that expires after the <br /> time (as duly adjusted pursuant to the Contract)specified in Paragraph 4.02.A above for <br /> Substantial Completion until the Work is substantially complete. <br /> City of Elk River-R13.119052 AGREEMENT <br /> August 2019 PAGE 00520-1 <br /> ©Bolton&Menk,Inc.2019,All Rights Reserved <br />