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4 . 03 Liquidated Damages <br /> 1 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 . 0 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: $ 1 . 120 , 673 . 00 <br /> ' Written Amount: ONE MILLION , ONE HUNDRED TWENTY THOUSAND , <br /> SIX HUNDRED SEVEN Y•THREE DOLLARS AND ZERO 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 <br /> of the 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 /> 6 . 02 Progress Payments; Retainage <br /> ' A. OWNER shall make progress payments on account of the Contract Price on the basis of <br /> CONTRACTOR's Applications for Payment at intervals not less than once each month <br /> during performance of the Work as provided in paragraph 6 . 02 . A. 1 below. All such <br /> ' payments will be measured by the schedule of values established in paragraph 2 . 07 .A of <br /> the General Conditions (and Supplementary Conditions if applicable) (and in the case of <br /> Unit Price Work based on the number of units completed ) or, in the event there is no <br /> schedule of values , as provided in the General Requirements : <br /> ' 00520 - Agreement (Public Works ) Rev <br /> 00520 - 3 <br /> FAPublic Works\Capital ProjectsTourth Street-Old Dixie-US1 \CONTRACT DOCUMENTS\00520 - Agreement (Public Works) Rev.doc Rev. 05/01 <br />