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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 <br /> in paragraph 4 . 02 above , plus any extensions thereof allowed in accordance with Article <br /> 12 of the General Conditions . Liquidated damages will commence for this portion of work. <br /> The parties 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 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 /> $ 100 . 00 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 Work <br /> within the Contract Time or any proper extension thereof granted by OWNER, <br /> CONTRACTOR shall pay OWNER $ 100 . 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 : $ <br /> Written Amount: <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 <br /> the General Conditions . Applications for Payment will be processed by ENGINEER as <br /> provided in the General Conditions and the Contract * Documents . <br /> 6 . 02 Progress Payments, <br /> A. The OWNER shall make progress payments to the CONTRACTOR on the basis of the <br /> approved partial payment request as recommended by ENGINEER in accordance with <br /> the provisions of the Local Government Prompt Payment Act, Florida Statutes section <br /> 218 . 70 et . seq . The OWNER shall retain ten percent ( 10 % ) of the payment amounts due <br /> to the CONTRACTOR until fifty percent (50 % ) completion of the work . After fifty percent <br /> 00520 - Agreement (Public Works) REV 04-07.doc <br /> 00520 - 3 <br /> F:\Engineedng\Special Projects\Eagle Trace Phase Montract Documents\Eagle Trace Subdivision Phase 11\00520 - Agreement (Public Works) REV 04-07.doc <br />