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Rolling Hills Pond Dredging <br />Elk River, Minnesota <br />granted by the Owner. They also recognize the delays, expense, and difficulties involved in proving in <br />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 />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 held <br />by the Owner. <br />Replace Section 19.5 with the following: <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, the <br />90-day requirement will not apply and the time allowed for making such final estimate shall be 180 <br />days after the work under this Contract has been, in all things, completed to the satisfaction of the <br />Engineer. <br />Add the following sections to Article 19: <br />19.8 Payment shall be made to subcontractors within ten (10) day of the CONTRACTOR's receipt <br />of payment from the OWNER for all undisputed services provided by the subcontractor. Contractor <br />shall pay subcontractor interest, at a rate of 1.5% per month, for any undisputed amounts not paid <br />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 provide <br />coverage for not less than the following amounts or greater where required by Law and Regulations: <br />A. Workers' Compensation <br />1. State: Statutory <br />2. Applicable Federal Statutory <br />Supplementary General Conditions 00800-3 <br />