WORLD TRADE CENTER - RESIDENTIAL APARTMENTS

NYC 9/11 Public Portal Document

KYC—PEP Information For Bidders and Supply ft Service Aqrgee»ent (Rev. 11/931

Ccxupietion Bend reqxnred.

C. Whenever a ccmtractor dqxisits obiigatiaaxsof die Qty of New York in lieu erf a Performance and Conqiletimi Bond and a Labar and Material Bond, it shall he with the undetstandingthatdieCcanptroIierof tfaeQtyof New York, crhissaecessKS. mty sell and use die proceeds diereof, for any purpose for which die principal or surety mt such bemd would be iiaUe under die tenns of the Cdsnract If money is dqxirited with die CmEpcndfer, die Coottacta- shall not be endded to receive interest on such money frmn die Qty of New York.

D. Unless otherwise specified in die Schedule A, Performance and Pitymeat Bernds are required cHify for contracts in excess of SSO.OOO.OO.

6.2 INSURANCE During performance and up to die date of final acceptance, die Cootractor must effect and maintam insurance of die kind and at the limits set fwdi in die General ConditiaQS. Schedule •A’.

6.3 UOUTDAT DAMA In case die Contractor riiall fail to omqdoe the werk widun the tune fixed fm* such conq^etioc in die General Conditions. Scheci^ "A”, or within the time to which such comjdedon may have been extended, the Contractor must pay to the City die sum fixed in die Genetai Conditions. Schedule ”A", for each and every calendar day that the time consumed in completing die work exceeds the time allowed therefore; winch said sum. in view of the difRodty of accurately ascenaining the loss wfaidi die Qty will suffer by reason erf delay in the conqrfedcm of the work hereunder is hereby fixed and agreed as die liquidated damages that die Qty wdQ suffer by reason of such delay, and not as a penalty.

Liquidated damages received hereunder are not intended to be nor shall they be treated as eidier a partial or full waiver or discharge of die Qty’s right indemnificatioQ under Ardcie 63. or the Qmiractor’s oWigadon to indemnify the Qty. or to any other remedy provided for by contract or by law.

The Compirolier will deduct and retain out nxmeys -ndiidi may faeccane due hereunder, the amount of sudi liquidated damages; and in case die amount which may become due hereunder shall be less than the amount of liquidated damages suffered by die City, the COTtractor shall be liable to pay the difference upcm demand by die Conqjtnzriler.

6.4 MAINTENANCE AND GUARANTY The Contractor must promptly repair, replace, restore or rebuild, as the CommissiOTier may determine, any fini^ed work in which defects of materials or workman^iip may aj^iear or to which damage may occur because of such defects, during the one year period sidsequeot to die date of final acceptance, except where other periods of maintenance and guarantee are provided for.

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