(a) There is hereby established as stipulated damages in contracts entered into between the Village and successful bidders who perform work and supply service and materials to the Village the following sums as stipulated on a per diem basis for the failure of such contractors to timely complete particular contracts pursuant to the terms thereof, to wit:
Original Contract Amount | Amount of Liquidated Damages to be Deducted for each Calendar Day of Overrun in Time | |
From More than | To & Including | |
$0 | $15,000 | $30.00 |
15,000 | 25,000 | 60.00 |
25,000 | 50,000 | 100.00 |
50,000 | 100,000 | 150.00 |
100,000 | 250,000 | 200.00 |
500,000 | 1,000,000 | 300.00 |
1,000,000 | 2,000,000 | 400.00 |
2,000,000 | 5,000,000 | 600.00 |
5,000,000 | 10,000,000 | 800.00 |
over 10,000,000 | 950.00 | |
(b) The stipulated damages required by this section shall not apply to a contractor whose completion of a contract with the Village has been delayed by an Act of God, a civil disturbance or a labor strike.
(c) Council may, by an affirmative vote of the members present, modify or waive such portions of the stipulated damages as they deem reasonable.
(Ord. 01-2004. Passed 1-7-04.)