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AGREEMENT <br />THIS AGREEMENT is made and entered into this ________day of ____________ in the year 2010 <br />by and between: <br />CITY OF LOUISVILLE, COLORADO <br />(hereinafter called OWNER) <br />and <br />LARFARGE WEST <br />(hereinafter called CONTRACTOR) <br />OWNER and CONTRACTOR, in consideration of the mutual covenants hereinafter set forth, agree <br />as follows. <br />ARTICLE1.WORK <br />CONTRACTOR shall complete all Work as specified or indicated in the Contract Documents. The <br />Work is generally described as follows: <br />PROJECT: RECREATION CENTER RESURFACING PROJECT <br />PROJECT NUMBER: 042-799-55340-01 <br />ARTICLE2.CONTRACTTIMES <br />2.1 The CONTRACTOR shall substantially complete all work by May 18, 2010 and within 30 <br />Consecutive Contract Days after the date when the Contract Time commences to run. The <br />Work shall be completed and ready for final payment in accordance with paragraph 14.13 of <br />the General Conditions within 40 Consecutive Contract Days after the date when the <br />Contract Times commence to run. The Contract Times shall commence to run on the day <br />indicated in the Notice to Proceed. <br />2.2 LIQUIDATED DAMAGES. The OWNER and the CONTRACTOR agree and recognize that <br />time is of the essence in this contract and that the OWNER will suffer financial loss if the <br />Work is not substantially complete by the date specified in paragraph 2.1 above, plus any <br />extensions thereof allowed in accordance with the Article 12 of the General Conditions. <br />OWNER and CONTRACTOR also agree that such damages are uncertain in amount and <br />difficult to measure accurately. Accordingly, the OWNER and CONTRACTOR agree that as <br />liquidated damages, and not as a penalty, for delay in performance the CONTRACTOR shall <br />pay the OWNER FIVE HUNDRED DOLLARS ($500) for each and every Contract Day and <br />portion thereof that expires after the time specified above for substantial completion of the <br />Work until the same is finally complete and ready for final payment. The liquidated damages <br />herein specified shall only apply to the CONTRACTOR’s delay in performance, and shall not <br />include litigation or attorneys’ fees incurred by the OWNER, or other incidental or <br />consequential damages suffered by the OWNER due to the CONTRACTOR’s performance. <br />If the OWNER charges liquidated damages to the CONTRACTOR, this shall not preclude the <br />OWNER from commencing an action against the CONTRACTOR for other actual harm <br />resulting from the CONTRACTOR’s performance, which is not due to the CONTRACTOR’s <br />delay in performance. <br />ìð <br /> <br />