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GENEI2AL CONDITICINS
<br /> GC-13 LIl?UIDATED DAMAGES
<br /> Time is of the essence to the contract. Should the Contractor fail to carnplete the work
<br /> within the working days stipulated in the contract or on or before the completion date stipulated
<br /> in the contract or within such extended time as rnay have been allowed,the Contractor shall be
<br /> liable and shall pay to the City the amount shawn in the following schedule of deductians, not as
<br /> a penalty but as liQuidated damages, for each day of overrun in the contract time or such
<br /> extended time as may have been allowed. The liquidated damages for failure to cotnplete the
<br /> contract on time are approximate, due to the impracticality af calculating and proving actual
<br /> delay casts. This schedule af deductions establishes the cast of delay ta accaunt for
<br /> administration, engineering, inspection, and supervision during periods of extended and delayed
<br /> perfarmance. The costs of delay represented by this schedule are understood ta be a fair and
<br /> reasonable estimate of the costs that will be borne by the City during extended and delayed
<br /> performance by the Contractor of the work, remaining incidental work,carrection of wark
<br /> impraperly completed, or repair of work damaged as a result of the Contractar. The tiyuidated
<br /> damage amaunt specified will accrue and be assessed until final completion af the total physical
<br /> work of the contract even thaugh the work may be substantially complete. The City will deduct
<br /> these liquidated damages from any rnonies due or to become due ta the Contractor from the City.
<br /> Schedule of Deductions for Each Day of Overrun in Contract Time
<br /> Original Contract Amount Daily Charges
<br /> From Mare Than To and Including Calendar Day Wark Day
<br /> $ 0 $ 100,000 $ 47� $ 67S
<br /> 1 QQ,000 500,000 750 1,050
<br /> 540,000 1,000,000 1,02� 1,425
<br /> 1,000,000 3,OOO,q00 1,275 1,725
<br /> 3,£}00,000 6,000,440 1,425 2,000
<br /> 6,OOQ,000 12,000,000 2,300 3,450
<br /> 12,000,004 And over 5,800 8,125
<br /> When a completion date is specified,the daily charge wi11 be made far every day shown on the
<br /> calendar beyond the specified completion date. When the time limit is specified as working days,
<br /> the daily charge will be made far each additional working day,camputed as speci�ed in Article
<br /> 108.04 of the Standard Speci�cations for Road and Bridge Construction, dated April 1, 2016,
<br /> published by the Illinais Department of Transportation. If contracts are awarded on the basis af
<br /> a multiple bid,the contract arr►ounts of the individual contracts carnprising the multiple bid will
<br /> be totaled and the daily charge shall be that required for such tatal amaunt.
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