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East Fiber Extension <br /> Elk River, Minnesota <br />15.3 Owner and the Contractor recognize that the Owner will suffer financial loss if the Work is <br />not completed within the time specified in the Contract Documents, plus any extensions of time <br />granted by the Owner. They also recognize the delays, expense, and difficulties involved in proving <br />in a legal preceding the actual loss suffered by the Owner if the Work is not completed on time. <br />Accordingly, instead of requiring any such proof, the Owner and the Contractor agree that as <br />liquidated damages for delay (but not as a penalty) the Contractor shall pay the Owner TWO <br />HUNDRED DOLLARS ($200.00) for each day that expires after the completion time specified in <br />Division S as may be adjusted by executed Contract Documents. <br />19. Payment to Contractor <br />Delete section 19.7 from Article 19. <br />Add the following sections to Article 19: <br /> <br />19.1.4 The Owner shall retain from each monthly payment 5% of the amount which is determined <br />to be due according to the recommendation of the Engineer. The retainage shall constitute a fund <br />for the payment of claims for materials furnished and labor performed on the project and will be <br />held by the Owner. <br /> <br />Replace Section 19.5 with the following: <br /> <br />19.5 State law provides that the final estimate will be made within 90 days after completion of all <br />work required under this contract. If, however, the total value of the Contract exceeds $2,000,000, <br />the 90-day requirement will not apply and the time allowed for making such final estimate shall be <br />180 days after the work under this Contract has been, in all things, completed to the satisfaction of <br />the Engineer. <br /> <br />Add the following sections to Article 19: <br /> <br />19.8 Paymentshall be made to subcontractors within ten (10) day of the CONTRACTOR’s <br />receipt of payment from the OWNERfor all undisputed services provided by the subcontractor. <br />Contractor shall pay subcontractor interest, at a rate of 1.5% per month, for any undisputed <br />amounts not paid within the above mentioned timeframe. <br />21. Insurance <br />The limits of liability for the insurance required by Section 21 of the General Conditions shall <br />provide coverage for not less than the following amounts or greater where required by Law and <br />Regulations: <br /> <br /> <br />Supplementary General Conditions 00800-3 <br /> <br />