Laserfiche WebLink
ARTICLE 4 - CONTRACT TIMES <br /> 4 . 01 Time of the Essence <br /> A. All time limits for Milestones , if any, Substantial Completion , and completion and readiness <br /> for final payment as stated in the Contract Documents are of the essence of the Contract. <br /> 4 . 02 Dates for Substantial Completion and Final Payment <br /> A. The Contract has allocated 300 days for substantial completion and 345 days for <br /> readiness of final payment of this project . In accordance with Article 4 of the Agreement the <br /> date of Substantial Completion is and the date of readiness for final payment is <br /> 4 . 03 Liquidated Damages <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 specified in <br /> paragraph 4 . 02 above , plus any extensions thereof allowed in accordance with Article 12 of <br /> the General Conditions . The parties also recognize the delays , expense , and difficulties <br /> involved in proving in a legal or arbitration proceeding the actual loss suffered by OWNER if <br /> the Work is not completed on time . Accordingly, instead of requiring any such proof, OWNER <br /> and CONTRACTOR agree that as liquidated damages for delay (but not as a penalty) , <br /> CONTRACTOR shall pay OWNER $450 . 00 for each day that expires after the time specified <br /> in paragraph 4 . 02 for Substantial Completion until the Work is substantially complete . After <br /> Substantial Completion , if CONTRACTOR shall neglect, refuse , or fail to complete the <br /> remaining Work within the Contract Time or any proper extension thereof granted by <br /> OWNER , CONTRACTOR shall pay OWNER $450 .00 for each day that expires after the time <br /> specified in paragraph 4 . 02 for completion and readiness for final payment until the Work is <br /> 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 determined <br /> pursuant to paragraphs 5 . 01 .A, 5 . 01 . 13 , and 5 . 01 . 0 below: <br /> A. For all Work , at the prices stated in CONTRACTOR's Bid , attached hereto as an exhibit. <br /> EXHIBIT "A" — CONTRACT PRICES <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 . Applications for Payment shall be processed by ENGINEER as provided in <br /> the General Conditions , <br /> IRC OPERATIONS COMPLEX 00520 - Agreement <br /> 00520 - 2 <br />