Back-up not in agenda book - Seminole County Schools

ARTICLE 4. CONTRACT SUMThe Owner shall pay the Contractor for the performance of the Contract the sum of and Five Hundred FiftyThousand, Nine Hundred & Fifteen Dollars no/100 ($550,915.00)The Contact Sum is determined as follows: $550,915.00ALTERNATE No. 1 $ 550,915.00TOTAL: $550,915.00Unit UsedCost Per UnitUNIT PRICES: Unit Price #1 50 $6.25 BFUnit Price #2 50 Sq. Ft. $12.00 Sq. Ft.Owner reserves right to make changes in Work and where quantities originally contemplated are sochanged that application of agreed price to quantity of work is shown to create a hardship to Owner orContractor, there shall be an equitable adjustment of Contract to prevent such hardship.ARTICLE 5. ALTERNATE PROPOSALSThe Contract accepts and includes Alternate Proposal(s), as listed in Article 4.It is mutually agreed by and between the parties hereto that the Owner reserves the right to add anyAlternate included in the Contractor’s Bid within the first sixty (60) calendar days from the date of thisAgreement in the amount stated in the Contractor’s Bid.ARTICLE 6. ACCEPTANCE AND PAYMENTSProgress payments shall be made once each month (as provided in the General Conditions) during theprocess of construction in amounts not to exceed ninety percent (90%) of the amount due on the Contracton the basis of work completed as certified by the Contractor and approved by the Architect.Upon completion of Contract, Contractor shall submit evidence satisfactory to Owner that payrolls,material bills, and other indebtedness incurred by Contractor in connection with Project have been paid infull. After such evidence has been submitted and written notice has been given Owner that work is readyfor final inspection and acceptance, work shall be inspected by, or under direction of, SEMINOLECOUNTY PUBLIC SCHOOLS, FLORIDA, and when it is found work is acceptable under Contract, andContract has been fully performed, Architect shall promptly issue final certificate stating work has beeninspected under terms and conditions hereof, and consideration herein provided for is due under Contractto Contractor, and noted in such final certificate, whereupon after such inspection and acceptance, finalpayment, except as provided in next paragraph shall be due within thirty (30) calendar days, provided workbe then fully completed and Contract fully performed.Ten Percent (10%) of Contract price shall be withheld until the Architect certifies substantial completionand approved by the Owner at which time the contractor may request and receive at the Owner’sdiscretion reduction of the retainage to 5% until the Owner approves final completion.ARTICLE 7. CONTRACT TERMINATIONIn event Owner terminates this Contract for failure of Contractor to comply with terms of Contract, then inthat event Contractor shall be liable to and pay Owner any damages, which it may sustain by failure ofContractor to comply with terms of this Contract.AGREEMENT FORMS 00500 -3Page 494