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Construction
The liquidated savings concept is to reward the
Contractor for each calendar day the contract is completed and
accepted prior to the expiration of allowable contract time.
Contract time is adjusted for time extensions under this concept.
The amount of incentive or reward will be based on the direct saving
to the Department (and thus the public) related to Construction
Engineering Inspection and Contract Administration costs.
The
Daily Report of Construction (Form
No. 700-010-13) as well as the
Engineer Weekly Summary (Form
No. 700-010-14) will serve as the
support documentation for payment. Each set of the above project
forms will show the following statements: 1) “Today is the first day
or the beginning milestone day of the Liquidated Saving phase of
this contract”; 2) “Today is the last day of the Liquidated Saving
phase of this contract.”
(Same information required on a site-manager project)
