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A. The Work will be substantially completed on or before the 180th day after the date <br /> when the Contract Times commence to run as provided in paragraph 2 . 03 of the <br /> General Conditions (and Supplementary Conditions if applicable) , and completed and <br /> ready for final payment in accordance with paragraph 14. 07 of the General Conditions <br /> (and Supplementary Conditions if applicable) on or before the 2.10' day after the date <br /> when the Contract Times commence to run . <br /> 4. 03 Liquidated Damages <br /> A. CONTRACTOR and OWNER recognize that time is of the essence of this Agreement <br /> and that OWNER will suffer financial loss if the Work is not completed within the times <br /> specified in paragraph 4 . 02 above, plus any extensions thereof allowed in accordance <br /> with Article 12 of the General Conditions (and Supplementary Conditions if applicable) . <br /> The parties also recognize the delays, expense, and difficulties involved in proving in a <br /> legal proceeding the actual loss suffered by OWNER if the Work is not completed on <br /> time. Accordingly, instead of requiring any such proof, OWNER and CONTRACTOR <br /> agree that as liquidated damages for delay (but not as a penalty) , CONTRACTOR shall <br /> pay OWNER $500.00 for each calendar day that expires after the time specified in <br /> paragraph 4 . 02 for Substantial Completion until the Work is substantially complete . <br /> After Substantial Completion , if CONTRACTOR shall neglect, refuse, or fail to complete <br /> the remaining Work within the Contract Time or any proper extension thereof granted <br /> by OWNER, CONTRACTOR shall pay OWNER $300 . 00 for each calendar day that <br /> expires after the time specified in paragraph 4 . 02 for completion and readiness for final <br /> payment unfit the Work is completed and ready for final payment. <br /> ARTICLE 5 - CONTRACT PRICE <br /> 5 . 01 OWNED shall pay CONTRACTOR for completion of the Work in accordance with the <br /> Contract Documents, an amount in current funds equal to the sum of the amounts <br /> determined pursuant to paragraph 5 . 01 .A and summarized in paragraph 5 . 01 . 8 , below: <br /> A. For all Work, at the prices stated in CONTRACTOR's Bid , attached hereto as an <br /> exhibit. <br /> B . THE CONTRACT SUM subject to additions and deductions provided in the Contract: : <br /> Numerical Amount: K498619_0 <br /> Written Amount: One Million Fou,urr Hundred Ninety Right Thousand Six <br /> Hundred Nineteen Dollars and Fifhr Cents <br /> ARTICLE 6 = PAYII�ENT PROCEDURES <br /> 6 . 01 Submittal and Processing of Payments <br /> A. CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of <br /> the General Conditions (and Supplementary Conditions if applicable) . Applications for <br /> Payment will be processed by ENGINEER as provided in the General Conditions (and <br /> Supplementary Conditions if applicable) . <br /> 12 Agreement 1117 <br /> 00520 - 3 <br /> C:1Doaenente and 89ftrVs%WumWeskft06r4Q8 Contract Padwge112 Apnement 1117.doc Rev. 0501 <br />