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Bill asked legally, what is the worst that can happen to the town from <br /> pulling the bond? <br /> Paul said Stone could try to get a judge to put a hold on the project. <br /> They could also try to sue for damages . The bonding company will go after <br /> Stone for the extras and Stone can try to go after the town. <br /> There is a very good paper trail documenting their non-compliance. <br /> Janice said the whole point is time, we have no place to put 7 , 8 and 9th <br /> grades next year. <br /> Peter asked what the damages are in the contract? <br /> Joel said $500 per day liquidated damages plus damages accrued to the town. <br /> Paul said the sooner we do pull the bond the better the impact. There are <br /> only so many men you can put on a job at one time and only so much overtime <br /> you can give people . If we go too far into February, you start loosing the <br /> ability to complete it in time, no matter who is managing the job. <br /> Merry Sue asked what the Committee should be looking for at the next <br /> meeting that would tell us not to vote for default? <br /> Paul said manpower increases and deficiencies are fewer, the gym, <br /> auditorium wing should be enclosed. We need to see progress, see them <br /> working their way out of the hole. <br /> Peter asked if we see progress , don't pull the bond and then it April it <br /> slows again, what happens? <br /> Paul said that would be OK as long as they put the manhours in for those <br /> months. We can pull the bond then and it will be a smaller piece to finish <br /> and it will be possible to complete. <br /> There is another issue : is there enough value left for us to complete the <br /> job. If the value to finish exceeds the value we have paid them, we don't <br /> pay them. <br /> Joel said the steps taken have been the right course. There is a <br /> significant increase in the amount of work going on. It does have its <br /> problems but it has increased. Stone 's Super has to adjust to the <br /> condition. <br /> Jim Byrne said the steel in derrick 1-5 is 99 . 5% complete , they are still <br /> working on derrick 6 . Derricks 7-12 have another couple of weeks worth of <br /> detail and repairs to be done. <br /> All the other trades are going as fast as Stone makes the space available <br /> for them to work in. <br /> Peter asked Jim if there have been any complaints from the subs about <br /> Stone' s management of the job? <br /> Jim said yes, weekly for the last 6 months. The subs are pushing Stone as <br /> much as we are . We are fortunate to have quality subs. <br /> The Committee heard about the problems/deficiencies of the last week: <br /> - the steel is not complete in derrick 7-12 . They did not complete the <br /> brace frames which has a big impact on the structure . <br /> - exterior sheathing : it is bubbling and portions have to be removed. Jim <br /> has documented it . <br /> 3 <br />