Time of Start and Completion. A. The CMR shall commence Work within ten (10) days after receipt of the Notice to Proceed. Time being of the essence with respect to this Contract, the CMR shall prosecute the Work diligently, using such means and methods of construction as will secure its full completion in accordance with the requirements of the Contract Documents, and will complete the work within the Contract Period. The CMR shall provide a Project Schedule as prescribed in Section 01 3200 of the Specifications. By submitting a Proposal, the CMR confirms that the Contract Period is a reasonable period for performing the Work. The CMR shall proceed expeditiously with adequate forces, scheduling and resources to complete the Work within the Contract Period. B. The Owner and the CMR hereby acknowledge and agree that time is of the essence with respect to this Contract and that in the event the CMR fails to complete the Work within the Contract Period, the Owner and the CMR agree to liquidated damages for late completion as set forth in the Contract. The CMR and its Surety hereby agree that the stated sum per day for each such day of delay shall be deducted and retained out of the moneys which may become due hereunder and if not so deductible, the CMR and its Surety shall promptly make payment to Owner of the amount due upon receipt of demand therefore.
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Samples: Construction Contract, Construction Contract, Construction Contract
Time of Start and Completion. A. The CMR shall commence Work within ten (10) days after receipt of the Notice to Proceed. Time being of the essence with respect to this Contract, the CMR shall prosecute the Work diligently, using such means and methods of construction as will secure its full completion in accordance with the requirements of the Contract Documents, and will complete the work within the Contract Period. The CMR shall provide a Project Critical Path Method (CPM) Construction Schedule as prescribed in Section 01 3200 of the Specifications. By submitting a Proposal, the CMR confirms that the Contract Period is a reasonable period for performing the Work. The CMR shall proceed expeditiously with adequate forces, scheduling and resources to complete the Work within the Contract Period.
B. The Owner and the CMR hereby acknowledge and agree that time is of the essence with respect to this Contract and that in the event the CMR fails to complete the Work within the Contract Period, the Owner and the CMR agree to liquidated damages for late completion as set forth in the Contract. The CMR and its Surety hereby agree that the stated sum per day for each such day of delay shall be deducted and retained out of the moneys which may become due hereunder and if not so deductible, the CMR and its Surety shall promptly make payment to Owner of the amount due upon receipt of demand therefore.
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