4.9 SR 05-15-2023 - Laserfiche WebLink

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5. TIME OF PERFORMANCE. The Contractor shall complete its obligations on or before Deck bbe i �023. NOTE: If the obligations are not complete within said time period or date, the Cont actdr a rees to pay $400 per day not as penalty but as liquidated damages until its obligations are complete. i�wicc'A uN auk,' 'Ib� t`A' S P r `h` b�THr.� �.3 . 'moo 9-3 6. PAYMENT. Wh% the obligations of the Contractor have been fi lfilled, inspected, and accepted, the City will pay the Contractor. Such payment shall be made not later than thirty (30) days after completion, certification thereof, and invoicing by the Contractor. PROMPT PAYMENT TO SUBCONTRACTORS. A. Pursuant to Minnesota Statute § 471.25, Subd. 4a, the Contractor must pay any subcontractor within ten (10) days of the Contractor's receipt of payment from the City for undisputed services provided by the subcontractor. The Contractor must pay interest of one and one-half percent (1 %) per month or any part of a month to subcontractor on any undisputed amount not paid on time to the subcontractor. The minimum monthly interest penalty payment for an unpaid balance of $100.00 or more is $10.00. For an unpaid balance of less than $100.00, the Contractor shall pay the actual penalty due to the Subcontractor. A subcontractor who prevails in a civil action to collect interest penalties from the Contractor shall be awarded its costs and disbursements, including attorney's fees, incurred in bringing the action. B. Form IC-134 required from general contractor. Minn. Stat. § 290.92 requires that the City of Elk River obtain a Withholding Affidavit for Contractors, Form IC-134, before making final payments to Contractors. This form needs to be submitted by the Contractor to the Minnesota Department of Revenue for approval. The form is used to receive certification from the state that the vendor has complied with the requirement to withhold and remit state withholding taxes for employee salaries paid. 8. WORKER'S COMPENSATION. Pursuant to Minnesota Statute § 176.182 Contractor must provide acceptable evidence of compliance with the state Workers' Compensation insurance requirements for all its employees and, in case any work is subcontracted, Contractor will require the subcontractor to provide Workers' Compensation insurance or acceptable evidence of compliance in accordance with the statutory requirements of the State of Minnesota. 9. COMMERCIAL GENERAL LIABILITY. Contractor shall obtain the following minimum insurance coverage by a single policy or a combination of policies (including umbrella policies) and maintain it at all times throughout the life of the Contract, with the City endorsed as an additional insured: Bodily Injury: $2,000,000 each occurrence $2,000,000 aggregate, products and completed operations 221668%1