Exhibit 10.70
Standard Form of Agreement Between Owner and Contractor
where the basis of payment is a
STIPULATED SUM
1977 EDITION
THIS DOCUMENT HAS IMPORTANT LEGAL CONSEQUENCES; CONSULTATION WITH AN ATTORNEY
IS ENCOURAGED WITH RESPECT TO ITS COMPLETION OR MODIFICATION.
Use only with the 1976 Edition of AIA Document A201, General Conditions
of the Contract for Construction.
This document has been approved and endorsed by The Associated
General Contractors of America.
--------------------------------------------------------------------------------
AGREEMENT
made as of the fifteenth day of October in the year of Nineteen Hundred and
Ninety Seven
BETWEEN the Owner:
(Name and address)
Pocono Downs, Inc.
0000 Xxxxxxx 000
Xxxxxx-Xxxxx, XX 00000
and the Construction Manager:
(Name and address)
X.X. Xxxxxxxxx C/M
000 X. Xxxxxxx Xxxxxx
Xxxxxxx, XX 00000
The Project is:
(Name, address and brief description)
Carbondale O.T.W.
Interior Fit Out and Canopy
The Architect is:
(Name and address)
Architectural Concepts
Suite 200
000 Xxxx Xxxxxxxxxx Xxxx
Xxxxx, XX 00000
The Owner and Contractor agree as set forth below.
(1)
ARTICLE 1
THE CONTRACT DOCUMENT
The Contract Documents consist of this Agreement, the Conditions of the Contract
(General, Supplementary and other Conditions), the Drawings, the Specifications,
all Addenda issued prior to and all Modifications issued after execution of this
Agreement. These form the Contract, and all are as fully a part of the Contract
as if attached to this Agreement or repeated herein. An enumeration of the
Contract Document appears in Article 7.
ARTICLE 2
THE WORK
The Contractor shall perform all the Work required by the Contract Documents for
(Here insert the caption descriptive of the Work as used on other Contract
Documents.)
Interior Fit Out per proposal dated 10/9/97 - Exhibit "D"
Canopy per proposal date 10/3/97 - Exhibit "E"
(See copies attached)
ARTICLE 3
TIME OF COMMENCEMENT AND SUBSTANTIAL COMPLETION
The Work to be performed under this Contract shall be commenced and, subject to
authorized adjustments, Substantial Completion shall be achieved not later than
(Here insert any special provisions for liquidated damages relating to failure
to complete on time.)
Work to be substantially completed in 120 days from date of executed contract by
Owner.
ARTICLE 4
CONTRACT SUM
The Owner shall pay the Contractor in current funds for the performance
of the Work, subject to additions and deductions by Change Order as
provided in the Contract Documents, the Contract Sum of
One Million Ninety-Six Thousand Five Hundred ($1,096,500.00) Dollars
The Contract Sum is determined as follows:
(State here the base bid or other lump sum amount, accepted alternatives, and
unit prices, as applicable.)
See Exhibits A & B
(2)
ARTICLE 5
PROGRESS PAYMENTS
Based upon Applications for Payment submitted to the Architect by the Contractor
and Certificates for Payment issued by the Architect, the Owner shall make
progress payments on account of the Contract Sum to the Contractor as provided
in the Contract Documents for the period ending the 30th day of the month as
follows:
Not later than 10 days following the end of the period covered by the
Application for Payment 100 percent (100%) of the portion of the Contract Sum
properly allocable to materials and equipment suitably stored at the site or at
some other location agreed upon in writing, for the period covered by the
Application for Payment, less the aggregate of previous payments made by the
Owner; and upon Substantial Completion of the entire Work, a sum sufficient to
increase the total payments to percent ( %) of the Contract Sum, less
such amounts as the Architect shall determine for all incomplete Work and
unsettled claims as provided in the Contract Documents.
(If not covered elsewhere in the Contract Documents, here insert any provision
for limiting or reducing the amount retained after the Work reaches a certain
stage of completion.)
Payments due and unpaid under the Contract Documents shall bear interest
from the date payment is due at the rate entered below, or in the
absence thereof, at the legal rate prevailing at the place of the
Project.
(Here insert any rate agreed upon.)
ARTICLE 6
FINAL PAYMENT
Final payment, constituting the entire unpaid balance of the Contract Sum, shall
be paid by the Owner to the Contractor when the Work has been completed, the
Contract fully performed, and a final Certificate for Payment has been issued by
the Architect.
ARTICLE 7
MISCELLANEOUS PROVISIONS
7.1 Where reference is made in this Agreement to a provision of the General
Conditions or another Contract Documents, the reference refers to that provision
as amended or supplemented by other provisions of the Contract Documents.
7.2 Payments due and unpaid under the Contract shall bear interest from the date
payment is due at the rate stated below, or in the absence thereof, at the legal
rate prevailing from the time at the place where the Project is located.
(Insert rate if interest agreed upon, if any)
(List below the Agreement, the Conditions of the Contract (General,
Supplementary, and other Conditions), the Drawings, the Specifications, and any
Addenda and accepted alternatives, showing page or sheet numbers in all cases
and dates where applicable.)
Dwgs. Exhibit "C"
Specs dated 8/11/97
Addendum 1-6
(3)
This Agreement entered into as of day and year first written above.
OWNER - Pocono Downs, Inc. CONTRACTOR - X.X. Xxxxxxxxx C/M
\s\ Xxxxxx Xxxxxx \s\ Xxxxxx X. Xxxxxxx, Xx.
--------------------------------- -----------------------------------
Xxxxxx Xxxxxx Xxxxxx X. Xxxxxxx, Xx.
General Manager Vice President
Witness: \s\ Xxxx Xxxxxx Witness: \s\ Claire Dolodzuski
------------------------- ---------------------------
(4)
