SAN FRANCISCO - A California construction firm earned an $8 million bonus for early completion of a highway overpass project.
Myers & Sons Construction LP was the prime contractor on a newly completed $37 million rebuild of the Alemany Boulevard overpass on Highway 101 in San Francisco.
The California Department of Transportation contract offered a bonus of $1 million for every day Myers finished ahead of the 18-day schedule, while Myers would pay back $1 million for each day the job went past the deadline.
The bonus had an $8 million cap and the work was completed in nine days.
“There are costs associated with speed so it’s not all free money, but it does feel good to be able to deliver,” said company Vice President Clint Myers Jr.
The Sacramento firm began the project in April rather than July because of a reduction in traffic caused by the coronavirus pandemic.
For most people, the new coronavirus causes mild or moderate symptoms, such as fever and cough that clear up in two to three weeks. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia and death. The vast majority of people recover.