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ARTICLE 2 ENGINEER 2. 1 . The project has been designed by Camp Dresser & McKee Inc. , hereinafter called ENGINEER, and who is to act as OWNER'S representative, assume all duties and responsibilities and have the rights and authority assigned to ENGINEER in the Contract Documents in connection with completion of the work in accordance with the Contract Documents. ARTICLE 3 CONTRACT TIME 3 . 1 The CONTRACTOR shall be substantially completed with the work two hundred seventy (270) calendar days after issuance of the Notice to Proceed, in accordance with Paragraph 2.03 of the General Conditions, and be completed and ready for final payment in accordance with Paragraph 14.07 of the General Conditions within three hundred sixty (360) calendar days after the issuance of the Notice to Proceed. 3 .2 Liquidated Damages. OWNER and CONTRACTOR recognize that time is of the essence of this Agreement and that OWNER will suffer financial loss if the work is not completed within the times specified in Paragraph 3 . 1 above, plus any extensions thereof allowed in accordance with Article 12 of the General Conditions. They 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: (a) three-hundred dollars ($300.00) for each day that expires after the time specified in Paragraph 3 . 1 for Substantial Completion of the 3 work on the project and (b) two hundred dollars ($200.00) for each day that expires after the time specified in Paragraph 3 . 1 for completion and readiness for final. payment. ARTICLE 4 CONTRACT PRICE 4. 1 . OWNER shall pay CONTRACTOR for completion of the work in accordance with the Contract Documents in current funds in the amount of $ 4,687.578.00. ARTICLE 5 PAYMENT PROCEDURES CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the General Conditions. Applications for Payment will be processed as provided in the General Conditions and the Contract Documents, 5 . 1 Progress Payments . The OWNER shall make progress payments to the CONTRACTOR on the basis of the approved partial payment request as recommended by ENGINEER in accordance with the provisions of the Local Government Prompt Payment Act, Florida Statutes section 218.70 et. seq. The OWNER shall retain ten percent ( 10%) of the payment amounts due to the CONTRACTOR until fifty percent (50%) completion of the work. After fifty percent (50%) completion of the work is attained as certified to OWNER by ENGINEER in writing, OWNER shall retain five percent (59/o) of the payment amount due to CONTRACTOR until final completion and acceptance of all work to be performed by CONTRACTOR under the Contract Documents. Pursuant to Florida Statutes section 218.735(8)(b), fifty percent (50%) completion means the point at which the County as OWNER has expended fifty percent (50%) of the total cost of the construction services work purchased under the Contract Documents, together with all costs associated with existing change orders and other additions or modifications to the construction services work provided under the Contract Documents, 5 .2 Pay Requests. Each request for a progress payment shall be submitted on the application for payment i i I 00530-2 Jozo,s.aoc 127