(a) There is hereby established as stipulated damages in contracts entered into between the City and successful bidders who perform work and supply services and materials to the City, the following sums as stipulated damages on a per diem basis for the failure of such contractors to timely complete particular contracts pursuant to the terms thereof:
Original Contract Amount | Amount of Stipulated Damages to be Deducted for Each Calendar Day of Overrun in Time | |
From More Than | To and Including | |
$0 | $500,000 | $1,000 |
$500,000 | $2,000,000 | $1,000 |
$2,000,000 | $10,000,000 | $1,300 |
$10,000,000 | $50,000,000 | $2,000 |
Over $50,000,000 | $2,500 | |
(b) The stipulated damages required by this section shall not apply to a contractor whose completion of a contract with the City has been delayed by an act of God, a civil disturbance, a labor strike or other reasons as defined by contract.
(c) Council may, by an affirmative vote of the members present, modify or waive such portion of the stipulated damages as it deems reasonable.
(Ord. 40-2021. Passed 8-17-21.)