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4 <br />PUBLIC IMPROVEMENT CONTRACT <br />BETWEEN: The City of Eugene, an Oregon <br />Municipal Corporation (City) <br />AND: Kipco, Inc. (Contractor) <br />CONTRACT NO.: 2004-18 <br />JOB NO.: 3502 <br />PROJECT: CLEARING & GRUBBING ON PORTIONS OF GARDEN WAY FROM <br />COMMONS DRIVE TO MARTIN LUTHER KING JR. BOULEVARD <br />RECITALS <br />Contractor was the successful bidder for construction of the improvement described in this contract <br />and more specifically described in the bid documents for the project. The bid documents consist of, but <br />are not limited to, plans, contractor's proposal, standard specifications and special specifications, all of <br />which are on file in the office of 244 E Broadway, Eugene, Oregon (Bid Documents), and permits. <br />.~-1 <br />AGREEMENT <br />l.. Work to be Performed. Contractor agrees to furnish all labor, material and equipment for and to <br />construct the improvement listed above (the Project), according to the Bid Documents (the "Work"). <br />See attached Exhibit "A". <br />2. Time of Commencement and Completion. Contractor will commence the Work not later than 5 <br />days after City gives its written notice to proceed, and shall complete the Work within the time <br />stated in the bid proposal. <br />3. Contract Sum. The Contract Sum is $12,900.00, which consi~ts of unit prices bid by Contractor <br />multiplied by estimated quantities, together with lump sum amounts for portions of the Work, as <br />described on the Bid Proposal attached hereto. The actual sum payable to Contractor for the Work <br />shall be based on lump sum amounts and actual quantities. <br />4. Progress Payments/Retainage. City shall make progress payments monthly as the Work <br />progresses. Payments shall be based upon estimates of the Work completed and approved by City. <br />Progress payments shall not be considered an acceptance or approval of any of the Work or a waiver <br />of any defects therein. City may reserve as retainage from progress payments an amount not to <br />exceed five percent of the payment. Contractor shall have the right to deposit bonds or securities in <br />lieu of cash retainage, or to have cash retainage deposited in an interest bearing account, in <br />Public Improvement Contract (Workr-Page 1 <br />(Revised April 1998) <br />