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000435-08134-0 <br />”2008 Bonestroo AGREEMENT FORM00520-1 <br />DOCUMENT 00520 <br />AGREEMENT FORM <br />THIS AGREEMENT is by and between the City of Mounds View, Minnesota (hereinafter called Owner) and <br />____________________________ (hereinafter called Contractor). <br />Owner and Contractor, in consideration of the mutual covenants hereinafter set forth, agree as follows: <br />ARTICLE 1 - WORK <br />1.01 Contractor shall complete all Work as specified or indicated in the Contract Documents. The Work is <br />generally described as follows: Storm sewer removal and replacement. <br />ARTICLE 2 - THE PROJECT <br />2.01 The Project for which the Work under the Contract Documents may be the whole or only a part is <br />generally described as follows: Pinewood Storm Sewer Repair Project for the City of Mounds View, <br />Minnesota, City Project No. 2008-006. <br />ARTICLE 3 - ENGINEER <br />3.01 The Project has been designed by Bonestroo, 2335 Highway 36 West, St. Paul, MN 55113 (Engineer), <br />who is to act as Owner’s representative, assume all duties and responsibilities, and will have the rights and <br />authority assigned to Engineer in the Contract Documents in connection with the completion of the Work in <br />accordance with the Contract Documents. <br />ARTICLE 4 - CONTRACT TIMES <br />4.01 Time of the Essence <br />A.All time limits for Milestones, if any, Substantial Completion, and completion and readiness for <br />Final Payment as stated in the Contract Documents are of the essence of the Contract. <br />4.02 Days to Achieve Substantial Completion and Final Payment <br />A.The Work will be Substantially Completed within 10 days after the date when the Contract <br />Times commence to run as provided in Paragraph 2.03 of the General Conditions and completed and ready for <br />Final Payment in accordance with Paragraph 14.07 of the General Conditions on or before July 31, 2008. <br />4.03 Liquidated Damages <br />A.Contractor and Owner recognize that time is of the essence of this Agreement and that Owner <br />will suffer financial loss if the Work is not completed within the times specified in Paragraph 4.02 above, plus <br />any extensions thereof allowed in accordance with Article 12 of the General Conditions. The parties also <br />recognize the delays, expense, and difficulties involved in proving in a legal or arbitration proceeding the actual <br />loss suffered by Owner if the Work is not completed on time. Accordingly, instead of requiring any such <br />proof, Owner and Contractor agree that as Liquidated Damages for delay (but not as a penalty), Contractor <br />shall pay Owner $500 for each day that expires after the time specified in Paragraph 4.02 for Milestones and