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4 . 02 Days to Achieve Substantial Completion and Final Payment ' A. The Work will be substantially completed on or before the 120th day after the date when the Contract Times commence to run as provided in paragraph 2 . 03 of the General Conditions (and Supplementary Conditions is applicable ) , and completed and ready for final payment in accordance with paragraph 14 . 07 of the General Conditions (and Supplementary Conditions is applicable ) on or before the 30th day after the date of substantial completion . The period for substantial completion includes a procurement ' period will end 60 days after the date when the Contract Times commence to run . Note that the bridge will be allowed to be closed to vehicular traffic for a period not to exceed 60 days . This 60-day period will begin the first day the bridge is closed and the time clock for t this period will not stop until the bridge has been declared substantially complete and is open for traffic on a continuous basis . Brief intermediate bridge openings will not stop the 60-day time clock . If the bridge is closed to vehicular traffic for more than 60 days , special liquidated damages for bridge closure will begin as provided in paragraph 4 . 03 , herein . 4 . 03 Liquidated Damages t A. CONTRACTOR and OWNER recognize that time is of the essence for this Agreement and that OWNER will suffer financial loss if the Work is not completed within the times specified in paragraph 4 . 02 above , plus any extensions thereof allowed in accordance with ' Article 12 of the General Conditions (and Supplementary Conditions if applicable ) . The parties also recognize the delays , expense , and difficulties involved in proving in a legal proceeding the actual loss suffered by OWNER if the Work is not completed on time . ' .Accordingly, instead of requiring any such proof, OWNER and CONTRACTOR agree that as liquidated damages for delay ( but not as a penalty) , CONTRACTOR shall pay OWNER $ 1 , 000 . 00 for each calendar day that expires after the time specified in paragraph 4 . 02 for ' Substantial Completion until the Work is substantially complete . After Substantial Completion , if CONTRACTOR shall neglect , refuse , or fail to complete the remaining Work within the Contract Time or any proper extension thereof granted by OWNER , ' CONTRACTOR shall pay OWNER $ 1 , 000 . 00 for each calendar day that expires after the time specified in paragraph 4 . 02 for completion and readiness for final payment until the Work is completed and ready for final payment. Additionally, if the bridge is closed to vehicular traffic for period exceeding 60 days , then CONTRACTOR shall pay OWNER ' $ 1 , 000 . 00 for each calendar day that expires after the allowed 60-day bridge closure period . tARTICLE 5 - CONTRACT PRICE 5 . 01 OWNER shall pay CONTRACTOR for completion of the Work in accordance with the ' Contract Documents , an amount in current funds equal to the sum of the amounts determined pursuant to paragraph 5 . 01 . A and summarized in paragraph 5 . 01 . B , below: ' A. For all Work , at the prices stated in CONTRACTOR's Bid , attached hereto as an exhibit. B . THE CONTRACT SUM subject to additions and deductions provided in the Contract : ' Numerical Amount: $ 1,128 , 084 . 15 Written Amount: ONE MILLION ONE HUNDRED TWENTY EIGHT THOUSAND EIGHTY FOUR DOLLARS AND FIFTEEN CENTS ' 0378-00520 - Agreement (Public Works).doc 00520 - 3 F:\Engineering\Capltal Projects\0378-26th Street Bridge\0378-26th Street Bridge CONTRACT DOC\0378-00520 - Agreement (Public Works).doc Rev. 05/01