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PUBLIC IMPROVEMENT CONTRACT <br /> BETWEEN: The City of Eugene, an Oregon <br /> Municipal Corporation (City) <br /> AND: Staton Companies (Contractor) <br /> CONTRACT NO.: 2005 - 00017 <br /> JOB NO.: 3827 <br /> PROJECT: Lincoln Yards Warehouse Demolition <br /> RECITALS <br /> Contractor was the successful bidder for construction of the improvement described in this <br /> contract and more specifically described in the bid documents for the project. The bid <br /> documents consist of, but are not limited to: Requirements included in the Request for <br /> Quotation, plans, and the contractor's proposal, all of which are on file in the Office of Facility <br /> Management (Bid Documents), and permits. <br /> AGREEMENT <br /> 1. Work to be Performed. Contractor agrees to furnish all labor, material and equipment for <br /> and to construct the improvement listed above (the Project), according to the Bid <br /> Documents (the "Work"). See attached Exhibit "B". <br /> 2. Time of Commencement and Completion. Contractor will commence the Work not later <br /> than 10 days after City gives its written notice to proceed, and shall complete the Work <br /> within the time stated in the bid proposal. <br /> 3. Contract Sum. The Contract Sum is $17,494.00, lump sum amount, for the Work as <br /> described on the Bid Proposal attached hereto (Exhibit B). <br /> 4. Progress Payments/Retainage. City shall make progress payments monthly a$ the Work <br /> progresses. Payments shall be based upon estimates of the Work completed and approved <br /> by City. Progress payments shall not be considered an acceptance or approval of any of <br /> the Work or a waiver of any defects therein. City may reserve as retainage from progress <br /> payments an amount not to exceed five percent of the payment. Contractor shall have the <br /> right to deposit bonds or securities in lieu of cash retainage, or to have cash retainage <br /> deposited in an interest bearing account, in accordance with ORS 279.420. Irrevocable <br /> letters of credit from a bank doing business in Oregon will be accepted in lieu of cash <br /> retainage. <br /> <br /> 5. Final Payment. Not more than 30 days after final completion of the Work and City's final <br /> acceptance of the Work, which shall include the taking of final measurements of quantities, <br /> City shall make its final payment to Contractor. Retainage held by City shall be included in <br /> and paid to the Contractor as part of the final payment. If the final payment is made more <br /> than 30 days after final completion and final acceptance, City shall pay Contractor interest at <br /> the rate of one-and-one-half percent per month on the final payment commencing 30 days <br /> Public Improvement Contract (Comp) -Page 1 <br /> (Revised April 1998) <br /> <br />