Reso 2024-3674 - Laserfiche WebLink

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payment of those amounts due from the City have been received. Any payment not made within twenty-five (25) days after the date due shall bear interest at the City's investment earnings rate from the Florida State Board of Administration. 5.5 Substantial Completion 5.5.1. When the Contractor believes the Work is substantially complete, the Contractor shall submit to the Engineer / Architect a list of items to be completed or corrected; the Engineer / Architect or the City may supplement such list in the event the Contractor has omitted any incomplete or defective work. When the Engineer / Architect, on the basis of an inspection, and after consultation with the City, determines the Work is in fact substantially complete, it will prepare a Certificate of Substantial Completion which shall establish the date of Substantial Completion, shall state the responsibilities of the City and the Contractor for Project security, maintenance, heat, utilities, damage to the Work, and insurance, and shall fix the time within which the Contractor shall complete the items listed therein. Guarantees required by the Contract shall commence on the date of Substantial Completion of the Work. The Certificate of Substantial Completion shall be submitted to the City and the Contractor for their written acceptance of the responsibilities assigned to them in such certificate. 5.5.2. If required training, manuals and equipment materials have not been provided, the Owner will hold $5,000.00 plus 300% as stated in Section 5.5.1. 5.6 Completion and Final Payment 5.6.1. When all of the Work is finally complete and the Contractor is ready for a final inspection, it shall notify the City and the Engineer / Architect thereof in writing. Thereupon, the Engineer/ Architect will make final inspection of the Work and, if the Work is complete in full accordance with this Contract and this Contract has been fully performed, the Engineer / Architect will promptly issue a final Certificate for Payment certifying to the City that the Project is complete and the Contractor is entitled to the remainder of the unpaid Contract Price, less any amount withheld pursuant to this Contract. If the Engineer / Architect is unable to issue its final Certificate for Payment and is required to repeat its final inspection of the Work, the Contractor shall bear the cost of such repeat final inspection(s) which cost may be deducted by the City from the Contractor's final payment. 5.6.1.1. If the Contractor fails to achieve Final Completion within the time set forth in Paragraph 3.1.1 hereinabove, the Contractor shall pay the City the sum the amount of liquidated damages set forth in paragraph 3.1.2 per day for each and every calendar day of unexcused delay in achieving final completion beyond the date set forth herein for final completion of the Work. Any sums due and payable hereunder by the Contractor shall be payable, not as a penalty, but as liquidated damages representing an estimate of delay damages likely to be sustained by the City, estimated at or before the time of executing this Contract. When the City reasonably believes that final completion will be inexcusably Page 11 of 43 279