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4 . 02 Days to Achieve Substantial Completion and Final Payment <br /> ' A . The Work will be substantially completed on or before the 180th day after the date when <br /> the Contract Times commence to run as provided in paragraph 2 . 03 of the General <br /> Conditions (and Supplementary Conditions if applicable ) , and completed and ready for <br /> final payment in accordance with paragraph 14 . 07 of the General Conditions (and <br /> Supplementary Conditions if applicable ) on or before the 210th day after the date when the <br /> Contract Times commence to run . <br /> 4 .03 Liquidation Damages <br /> q 9 <br /> A. CONTRACTOR and OWNER recognize that time is of the essence of this Agreement and <br /> 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 with <br /> ' Article 12 of the General Conditions (and Supplementary Conditions if applicable ) . The <br /> parties also recognize the delays , expense , and difficulties involved in proving in a legal <br /> proceeding the actual loss suffered by OWNER if the Work is not completed on time . <br /> Accordingly, instead of requiring any such proof, OWNER and CONTRACTOR agree that <br /> as liquidated damages for delay ( but not as a penalty) , CONTRACTOR shall pay OWNER <br /> $500 . 00 for each calendar day that expires after the time specified in paragraph 4 . 02 for <br /> Substantial Completion until the Work is substantially complete . After Substantial <br /> Completion , if CONTRACTOR shall neglect, refuse , or fail to complete the remaining <br /> Work within the Contract Time or any proper extension thereof granted by OWNER , <br /> ' CONTRACTOR shall pay OWNER $300 . 00 for each calendar day that expires after the <br /> time specified in paragraph 4 . 02 for completion and readiness for final payment until the <br /> Work is completed and ready for final payment. <br /> ARTICLE 5 = CONTRACT PRICE <br /> 5 . 01 OWNER 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 . 13 , below: <br /> A. For all Work , at the prices stated in CONTRACTOR's Bid , attached hereto as an exhibit. <br /> B . THE CONTRACT SUM subject to additions and deductions provided in the Contract: : <br /> Numerical Amount: $2 , 347 , 748 . 75 <br /> ' Written Amount: Two Million , Three Hundred Forty-Seven Thousand , Seven <br /> Hundred Forty Eight Dollars and Seventy- Five Cents <br /> ' ARTICLE 6 - PAYMENT PROCEDURES <br /> 6 . 01 Submittal and Processing of Payments <br /> ' A. CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the <br /> 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 /> Agreement (Public Works ) <br /> 00520 - 3 <br /> F:\Public Works\Capital Projects\Oslo - 43rd Avenue\CONTRACT DOCUMENTS\Agreement (Public Works).doc Rev. 05101 <br />