OCR

Stanford Undergraduate Housing Page 2 Estimated Profit: $50,000.00. METHOD OF Progress payments to Cor tractor not later than 15th day PAYMENT: of each calendar month for work performed during. preced- ing calendar month; retained percentage 10% Provided, that the Owner at any time after 5O% of the work, as been completed, if it finds that satisfactory progress is being made, may make any of the remaining; progress payments in full: Provided further, that, on completion and acceptance of each,separate building, public work, or other division of Contract, on which the price is stated separately in the contract, payment may be made in full, including retained percentages thereon, less authorized deductions. LIQUIDATED Two hundred fifty dollars ($250.00) per calender day. DAMAGES: This provision for liquidated damages shall not be ap- plicable- in the event Contractor abandons the Contract, but in such. event Contractor shall be liable to .Owner for all damages direct or consequential, sustained by Owner by reason of such abandonment. COST Contractor shall submit to owner such schedule of quanti- DATA: ties and progress schedules, payrolls, reports, estimates, records, and other data the Owner may request concerning work performed or to be performed. MOBILIZATION All materials, tools, equipment, etc. to be provided by, EXPENSE: Contractor; no advance for this expense will bo made by Owner. BONDS: Performance and payment bond combined: $1,492,700.