OCR

Round Butte Hydroelectric project COMPLETION DATE: August 15, 1964 ESTIMATED PROFIT: $1,450,000 MOBILIZATION EXPENSE: No advances by Owner METHOD OF PAYMENT: Progress payments will be made as work progresses. Such payments will be made in accordance with estimates made by the Engineer and approved by the Owner of the amount and value of work performed by the contractor up to the time of each estimate. Estimates will not include allowance for material, or equipment not incorporated into the work. In making such progress payments there will be retained ten percent (10%) of the estimated amount until final completion and acceptance of all work covered by the contract; provided that the Owner at any time after fifty percent (50%) of the work has been completed, if he finds that satisfactory progress is being made may approve any of the remaining progress payments in full; provided, further, further., that, the Owner may be authorized to retain pursuant to any law of the State of Oregon and any amounts due the Owner in connection with work performed under this contract. Engineer's estimates will be made in writing on or about the twenty-fifth (25th) day of each calendar month covering work performed since the previous estimates and payments will be made within fifteen (15) calendar days thereafter. LIQUIDATED DAMAGES: If diversion tunnel gate is not lowered in final position on or before November 1, 1963 Contractor shall pay Owner three thousand dollars ($3,000.00) per day for each calendar day after above completion date, to and including the date on which, the gate is lowered into position. If the third and last generating unit is not completed including dry out and high potential test on the stator, and complete installation of all auxiliary materials and the equipment connected with delivering power to the switchyard upon completion of the remaining tests, on or before August 15, 1964, Contractor shall pay the Owner three thousand dollars ($3,000.00) per day for each calendar day after the above completion date, to and including the date on which the above work Is satisfactorily completed.