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Completion of all tasks outlined above ( i . e . , Subparagraphs a) and b) constitutes <br /> Substantial Completion . <br /> ( b) From 91 calendar days to 120 calendar days from the effective date of <br /> Notice to Proceed , the CONTRACTOR shall complete the following tasks : <br /> 1 . Clean up project area . <br /> 2 . Remove all equipment and material from project site. <br /> 3 . Perform contract closeout procedures . <br /> Completion of all tasks outlined above (i . e . , Subparagraphs a , b , and c) <br /> constitute Final Completion . <br /> 3. 2 Liquidated Damages. OWNER and CONTRACTOR recognize that time is of the <br /> essence of this Agreement and that OWNER will suffer financial loss if the work is <br /> not completed within the times specified in Paragraph 3 . 1 above , plus any <br /> extensions thereof allowed in accordance with Article 12 of the General Conditions. <br /> They 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 <br /> shall pay OWNER four-hundred and fifty dollars ($450.00) for each day that expires <br /> after the time specified in Paragraph 3. 1 for Substantial Completion , if <br /> CONTRACTOR shall neglect, refuse or fail to complete the remaining work within <br /> the Contract Time or any proper extension thereof granted by OWNER , <br /> CONTRACTOR shall pay OWNER four-hundred and fifty dollars ($450 . 00) for each <br /> day that expires after the time specified in Paragraph 3. 1 for completion and <br /> readiness for final payment. <br /> ARTICLE 4 CONTRACT PRICE <br /> 4. 1 OWNER shall pay CONTRACTOR for completion of the work in accordance with the <br /> Contract Documents in current funds in the amount of $ 1 ,435,128.83 . <br /> ARTICLE 5 PAYMENT PROCEDURES <br /> CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the <br /> General Conditions. Applications for Payment will be processed by ENGINEER as provided <br /> in the General Conditions and the Contract Documents. <br /> 5. 1 Progress Payments. The OWNER shall make progress payments to the <br /> CONTRACTOR on the basis of the approved partial payment request as <br /> recommended by ENGINEER in accordance with the provisions of the Local <br /> Government Prompt Payment Act, Florida Statutes section 218. 70 et. seq. The <br /> OWNER shall retain ten percent (10%) of the payment amounts due to the <br /> CONTRACTOR until fifty percent (50%) completion of the work. After fifty percent <br /> (50%) completion of the work is attained as certified to OWNER by ENGINEER in <br /> writing , OWNER shall retain five percent (5%) of the payment amount due to <br /> CONTRACTOR until final completion and acceptance of all work to be performed by <br /> CONTRACTOR under the Contract Documents. Pursuant to Florida Statutes section <br /> 218. 735(8) (b) , fifty percent (50%) completion means the point at which the County <br /> as OWNER has expended fifty percent (50%) of the total cost of the construction <br /> 00530-4 <br />