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Every contract entered into by said Director, pursuant to the provisions of this Article, shall be signed by the other contracting party. Every such contract shall be signed in triplicate by all parties. One of said triplicates, together with the specifications or plans and specifications, as the case may be, of the work to be done under such contract, shall be kept in the office of said Director; another of said triplicates, with such plans and specifications, shall be delivered to the contractor or contracting owners referred to in Section 202 of this Article, and the third triplicate shall be delivered to the Controller.
(a) Surety Bond or Certified Check Required. At the time of execution of the contract by the contractor, or said contracting owners, he or they, as the case may be, shall execute to said City and County, and deliver with the contract, a bond in a sum named in the notice calling for bids, executed by a surety company authorized to do business in this state, or they shall deposit with said Director a certified check upon some solvent bank for said amount, all for the faithful performance of the contract.
The contract shall specify the time within which the work shall be completed, which shall be the same as that specified in the notice inviting bids therefor. Said Director may by order grant extensions of time within which to complete the work.
(b) Extension of Time and Liquidated Damages. An extension of time may be granted after the expiration of the time fixed in the contract, or as extended as herein provided, and the extension so granted shall be deemed to commence and be effective from the date of such expiration.
Failure of said Director to grant an extension or extensions of time as herein provided for shall not affect the rights of the contractor beyond a reasonable deduction from the contract price for any damage sustained by reason of delay in the performance of the contract.
No such extension or extensions of time granted by said Director for completion of the work shall operate to relieve any surety or sureties on any bond from the liabilities assumed in or by such bond; nor shall any assignment of the contract qualify or change any such liability.
The contract shall provide for the payment of agreed liquidated damages by the reduction in the amount of assessment to the property owners within the assessment district for every calendar day after the expiration of the date fixed in the contract for completion of the work, or as extended as herein provided, during which such work shall not have been completed.
(Amended by Ord. 171-62, App. 6/27/62)