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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 365 calendar day after the date when the Contract Times commence to run as provided in paragraph 2.03 of the General Conditions , and completed and ready for final payment in accordance with paragraph 14.07 of the General Conditions on or before the 425 calendar day after the date when the Contract Times commence to run . 4 .03 Liquidated Damages A. CONTRACTOR and OWNER 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 4.02 above, plus any extensions thereof allowed in accordance with Article 12 of the 1 General Conditions. The parties also recognize the delays, expense, and difficulties involved in J proving in a legal or arbitration proceeding the actual loss suffered by OWNER if the Work is not completed on time. Accordingly, instead of requiring any such proof, OWNER and l CONTRACTOR agree that as liquidated damages for delay (but not as a penalty) , J CONTRACTOR shall pay OWNER $500.00 for each calendar day that expires after the time specified in paragraph 4.02 for Substantial Completion until the Work is substantially complete . ARTICLE 5 - CONTRACT PRICE J 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 . 13, 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: : JNumerical Amount: $2 ,462 ,976.55 Written Amount: Two million , four hundred sixty-two thousand , nine hundred seventy-six dollars and fifty-five cents ARTICLE 6 - PAYMENT PROCEDURES 6.01 Submittal and Processing of Payments J A. CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the General Conditions. Applications for Payment will be processed by ENGINEER as provided in the General Conditions. 6.02 Progress Payments; Retainage A . The OWNER shall make progress payments to the CONTRACTOR on the basis of the approved partial payment request at intervals not less than once each month as recommended by ENGINEER in accordance with the provisions of the Local Government Prompt Payment Act, Florida Statutes section 218. 70 et. seq . All such payments will be measured by the schedule of values established in paragraph 2.07.A of the General Conditions (and Supplementary Conditions if applicable) (and in the case of Unit Price Work based on the number of units completed) or, in the event there is no schedule of values, as provided in the General Requirements. The OWNER shall retain ten percent ( 10%) of the payment amounts due to the CONTRACTOR until fifty percent 00520 - Agreement (Public Works) 2006079 00520 - 3 C:WnzippouNBID DOCUMENTS 200607MID DOCUMENTS 2006079100520 - Agreement (Public Works) 2006079.doc Rev. 05101