547.26 TIME FOR COMPLETION OF WORK; BONUS; LIQUIDATED DAMAGES.

    As permitted by law, contracts may provide for completion by a specified time, and if so determined by the Board of Control before bids are received, may provide for a bonus to the contractor for completion before such date and liquidated damages to the City in like sum for every day of delay beyond such date. The amount of such sum per day shall be fixed by the director and the time for completion shall be set forth in the bids and embodied in the contract and no payments shall be made on account of such contract after the specified day until the contract is completed and the work accepted. However, the Board of Control may, if satisfied that sufficient reason exists for such action, waive the claim to the City for liquidated damages.

(Ord. 86-142. Passed 5-28-86.)