STANDARD FORM OF AGREEMENT BETWEEN OWNER AND …

1 GC Contract Rev 08212014 Ver 001 STANDARD FORM OF AGREEMENT BETWEEN OWNER AND CONTRACTOR where the basis of payment is a STIPULATED SUM THIS DOCUMENT HAS IMPORTANT LEGAL CONSEQUENCES; CONSULTATION WITH AN ATTORNEY IS ENCOURAGED WITH RESPECT TO ITS completion OR MODIFICATION. _____ AGREEMENT made as of the DATE day of MONTH, YEAR The OWNER : PROPERTY ENTITY 1211 Grant St, Suite 2A Denver, CO 80203 The Contractor: COMPANY NAME STREET ADDRESS CITY, ST ZIP The Project Is: PROJECT NAME STREET ADDRESS CITY, ST ZIP The Architect is: COMPANY NAME STREET ADDRESS CITY, ST ZIP The OWNER and Contractor agree as set forth below: General Contractor shall PROJECT DESCRIPTION at the above named Project location as defined in the construction document addenda and project specification manual. See attached Exhibits. ARTICLE 1 THE CONTRACT DOCUMENTS The Contract Documents consist of this AGREEMENT , the Conditions of the Contract (General, Supplementary and other Conditions), the Drawings, the Specifications, Construction document addenda issued prior to execution of this AGREEMENT and Project Specification Manual.

2 These items from the Contract and all are as fully a part of the Contract as if attached to this AGREEMENT or repeated herein. The Contract represents the entire and integrated AGREEMENT BETWEEN the parties hereto and supersedes prior negotiations, representations or agreements, either written or oral. An Enumeration of the Contract Documents, other than Modifications, appears in Article 9. ARTICLE 2 THE WORK OF THIS CONTRACT The Contractor shall execute the entire Work described in the Contract Documents, except to the extent specifically indicated in the Contract Documents to be the responsibility of others or as follows: ARTICLE 3 DATE OF COMMENCEMENT AND SUBSTANTIAL completion The date of commencement is the date from which the Contract Time of Paragraph is measured, and shall be the date of this AGREEMENT , as first written above, unless a different date is stated below or provision is made for the date to be fixed in a notice to proceed issued by the OWNER .

3 GC Contract Rev 08212014 Ver 001 Contractor shall commence with construction on or about START DATE but in no case later than 5 (five) days after receipt of building permit. Contractor shall have obtained completion of the entire project (as defined by the receipt of an unconditional Certificate of Occupancy issued by the jurisdictional permitting authority or other proof of completion acceptable to the OWNER ) on or before completion DATE but in no case later than CONTRACT DURATION (DAYS) calendar days from receipt of building permit. For each and every day earlier than completion DATE that the project is considered complete by the OWNER , the Contractor shall be compensated in the amount of One thousand dollars ($1,000) per day; not to exceed an amount of Five thousand dollars ($5,000) per contract. Liquidated damages of One thousand dollars ($1,000) per day shall be assessed to the Contractor for each day after completion DATE.

4 Delays in construction may be approved by OWNER as stipulated under Section of the General Conditions and by obtaining a properly executed Request for Delay form (see Exhibit K). In the event that the Contract completion Date is modified by circumstances beyond the Contractor s control and with consent of the OWNER as previously stipulated, the new Bonus and Liquidated Damages start dates shall maintain their relative position in time as they relate to the approved, modified completion Date. completion (as defined in of this contract), after notice to proceed by the OWNER , is subject to adjustments of the Contract Time as provided in Article of the General Conditions (Exhibit L). ARTICLE 4 CONTRACT SUM The OWNER shall pay the Contractor in current funds for the Contractor s performance of the Contract the Contract Sum of CONTRACT SUM ($XXX, ), subject to additions and deductions and retainage as provided in the Contract Documents and in the manner set forth in Article 5.

5 Refer to Exhibit E for contract breakdown. These amounts shall be utilized for accounting purposes only. Contract Sum excludes the following additional scope items: (See Exhibit F - Contractor s Bid Qualifications and Clarifications - attached). ARTICLE 5 progress payments Based upon Applications for Payment submitted to the OWNER s Representative by the Contractor the OWNER shall make progress payments on account of the Contract Sum to the Contractor as provided below and elsewhere in the Contract Documents. The period covered by each Application for Payment shall be one calendar month ending on the last day of the month, or as follows: Contractor will submit to the OWNER two (2) original Applications for Payment along with supporting documentation for changes in the scope of work and appropriate Lien Releases from Contractor, Sub-contractors and Vendors for the period covered by the Application for Payment no later than the 25th day of each calendar month projecting work to be completed through the last calendar day of each month.

6 The period covered by each Application for Payment shall be one calendar month ending on the last day of the month. Provided an Application for Payment is received by the OWNER s Representative not later than the 25th day of the month, and the application has been reviewed and accepted by the OWNER s Representative, the OWNER shall make payment to the Contractor not later than the last Thursday of the following month. If an Application for Payment is received by the OWNER s Representative after the application date fixed above payment shall be made by the OWNER not later than thirty (30) days after the OWNER s Representative has received and reviewed and approved the Application for Payment. Each Application for Payment shall be based upon the Schedule of Values submitted by the Contractor in accordance with the Contract Documents. The schedule of values shall allocate the entire Contract Sum among the various portions of the Work and be prepared in such form and supported by such data to substantiate its accuracy as GC Contract Rev 08212014 Ver 001 the Architect may require.

7 This schedule, unless objected to by the OWNER s Representative, shall be used as a basis for reviewing the Contractor s Applications for Payment. Applications for Payment shall indicate the percentage of completion of the Work completed as of the end of the period covered by the Application for Payment. Subject to the provisions of the Contract Documents, the amount of each progress payment shall be computed as follows: Take the portion of the Contract Sum properly allocable to completed Work as determined by multiplying the percentage completion of each portion of the Work by the share of the total Contract Sum allocated to that portion of the Work in the schedule of values, less retainage of ten (10%) percent. Pending final determination of cost to the OWNER of changes in the Work, amounts not in the dispute may be included as provided in Subparagraph of the General Conditions (Exhibit L ) even though the Contract Sum has not yet been adjusted by Change Order.

8 Add that portion of the Contact Sum properly allocable to materials and equipment delivered and suitable stored at the site for subsequent incorporation in the completed construction (or, if approved in advance by the OWNER , suitable stored off the site at a location agreed upon in writing), less retainage of ten (10%) percent. Subtract the aggregate of previous payments made by the OWNER . Subtract amounts, if any, for which the Architect or the OWNER s Representative has withheld or nullified a Certificate for Payment as provided in Paragraph of the General Conditions (Exhibit L ). The progress payment amount determined in accordance with Paragraph shall be further modified under the following circumstances: Add, upon Substantial completion of the Work, a sum sufficient to increase the total payments to ninety percent (90%) of the Contract Sum, less such amounts as the OWNER s Representative shall determine for incomplete Work and unsettled claims, and Add, if final completion of the work is thereafter materially delayed through no fault of the Contractor, any additional amounts payable in accordance with Subparagraph of the General Conditions (Exhibit L ).

9 Reduction or limitation of retainage, if any, shall be as follows: Retainage shall be released after completion (as defined in of this contract), and submittal of all close out documents as noted in Exhibit A , less one and one-half the value of any uncompleted or punch list items, not withstanding limitations of qualifications under Article 6 of this contract ARTICLE 6 FINAL PAYMENT Final payment, constituting the entire unpaid balance of the Contract Sum, shall be made by the OWNER to the Contractor when (1) the Contract has been fully performed by the Contractor except for the Contractor s responsibility to correct non-conforming Work as provided in Subparagraph of the General Conditions (Exhibit L ) and to satisfy the retainage requirements of Article in this contract, Full and Final Lien Releases from the General Contractor, Sub-Contractors, Suppliers and Vendors whose contract amount exceeds one thousand dollars ($1, )

10 , compliance with OWNER s final close-out requirements listed in Exhibit A , other requirements, if any, which necessarily survive final payment; and (2) the final Certificate for Payment has been approved by the OWNER , such final payment shall be made by the OWNER not more than 45 days after the issuance of the final Certificate for Payment and all non-conforming work or final punch list items have been completed and accepted by the OWNER s Representative. ARTICLE 7 TERMINATION The Contract may be terminated by the OWNER or the Contractor as provided in Article 14 of the General GC Contract Rev 08212014 Ver 001 Conditions (Exhibit L ). DELAYS AND EXTENSION OF TIME If the Contractor is delayed at any time in the commencement or progress of the Work by (i) an action of the OWNER , Architect or separate contractor employed by the OWNER and such action is not authorized in the Contract Documents or not otherwise reasonably anticipated and such action unreasonably interferes with the Contractor s commencement or progress of the Work, (ii) changes ordered in the Work by OWNER , (iii) fire or other unavoidable casualties, (iv) adverse weather conditions that are abnormal for the period of time and that could not have been reasonably anticipated or (v) other causes which the OWNER determines may justify delay, then the Contract Time shall be extended by Change Order for such reasonable time as the OWNER may determine.