The contractor shall be required to guarantee that he or she can and will complete the work on or before the time fixed in his or her bid, or any extension thereof granted by the City. For the reason that the damage and loss to the City which will result from the failure of the contractor to complete the work at the time fixed will be most difficult or impossible of accurate assessment, the damages to the City for such delay and failure on the part of the contractor shall be liquidated in the amount fixed by the City, for each calendar day by which the contractor shall fail to complete the work or any part thereof, in accordance with the provisions of the contract. Such liquidated damages shall not be considered as a penalty. The City will deduct and retain out of any money due or to become due under the contract the amount of the liquidated damages and, in case those amounts are less than the amount of the liquidated damages, the contractor shall be liable for the payment of the difference upon demand of the City.
(Ord. No. 1236-60. Passed 6-20-60, eff. 6-22-60)