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' GENERAL CONDITIONS
<br /> GC-13 LIQUIDATED DAMAGES
<br /> Time is of the essence to the contract. Should the Contractor fail to complete 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 may have been allowed, the Contractor shall be
<br /> liable and shall pay to the City the amount shown in the following schedule of deductions, 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 complete the
<br /> contract on time are approximate, due to the impracticality of calculating and proving actual
<br /> delay costs. This schedule of deductions establishes the cost of delay to account for
<br /> administration, engineering, inspection, and supervision during periods of extended and delayed
<br /> ' performance. The costs of delay represented by this schedule are understood to 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, correction of work
<br /> improperly completed, or repair of work damaged as a result of the Contractor. The liquidated
<br /> i damage amount specified will accrue and be assessed until final completion of the total physical
<br /> work of the contract even though the work may be substantially complete. The City will deduct
<br /> these liquidated damages from any monies due or to become due to 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 More Than To and Including Calendar Day Work Day
<br /> ' $ 0 $ 100,000 $ 475 $ 675
<br /> 100,000 500,000 750 1,050
<br /> 500,000 1,000,000 1,025 1,425
<br /> 1,000,000 3,000,000 1,275 1,725
<br /> 3,000,000 6,000,000 1,425 2,000
<br /> 6,000,000 12,000,000 2,300 3,450
<br /> 12,000,000 And over 5,800 8,125
<br /> When a completion date is specified, the daily charge will be made for 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 for each additional working day, computed as specified in Article
<br /> 108.04 of the Standard Specifications for Road and Bridge Construction, dated January 1, 2012,
<br /> published by the Illinois Department of Transportation. If contracts are awarded on the basis of
<br /> a multiple bid, the contract amounts of the individual contracts comprising the multiple bid will
<br /> be totaled and the daily charge shall be that required for such total amount.
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