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payment in accordance with paragraph 14. 07 of the General Conditions (and Supplementary <br /> Conditions if applicable) on or before the 210th calendar day after the date when the Contract <br /> Times commence to run . <br /> 4. 03 Liquidated Damages and Bonus <br /> A. CONTRACTOR and OWNER recognize that time is of the essence for this Agreement and that <br /> 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 the <br /> General Conditions (and Supplementary Conditions if applicable) . The parties also recognize <br /> the delays , expense , and difficulties involved in proving in a legal proceeding the actual loss <br /> suffered by OWNER if the Work is not completed on time . Accordingly, instead of requiring <br /> any such proof, OWNER and CONTRACTOR agree that as liquidated damages for delay (but <br /> not as a penalty) , CONTRACTOR shall pay OWNER $500 . 00 for each calendar day that <br /> expires after the time specified in paragraph 4 . 02 for Substantial Completion until the Work is <br /> substantially complete . After Substantial Completion , if CONTRACTOR shall neglect, refuse , <br /> or fail to complete the remaining Work within the Contract Time or any proper extension thereof <br /> granted by OWNER, CONTRACTOR shall pay OWNER $200 . 00 for each calendar day that <br /> expires after the time specified in paragraph 4 . 02 for completion and readiness for final <br /> payment until the Work is completed and ready for final payment. <br /> Be The OWNER shall pay a bonus for early completion of the items on the Statutory List in the <br /> amount of $200 . 00 for each calendar day that the Statutory List Work is completed before <br /> the Contract Time on the terms and conditions set forth herein . OWNER and <br /> CONTRACTOR agree that, for CONTRACTOR to be eligible for the bonus , CONTRACTOR <br /> must complete the Work on the Statutory List at least one entire calendar day before the <br /> expiration of 30 calendar days after Substantial Completion , i . e . , before the Contract Time <br /> or any proper extension thereof granted by OWNER , and OWNER shall not pay for partial <br /> days . <br /> ARTICLE 5 = CONTRACT PRICE <br /> 5 . 01 OWNER shall pay CONTRACTOR for completion of the Work in accordance with the Contract <br /> Documents in current funds the amount of $ `?'Z �l `c� [� . �}- ( Numerical <br /> Amount) : <br /> Written Amount: r - <br /> Clens <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 (and Supplementary Conditions if applicable ) . Applications for Payment <br /> will be processed by ENGINEER as provided in the General Conditions (and Supplementary <br /> Conditions if applicable). <br /> 6 . 02 Progress Payments; Retainage <br /> A. The OWNER shall make progress payments to the CONTRACTOR on the basis of the <br /> approved partial payment request at intervals not less than once each month as <br /> recommended by ENGINEER in accordance with the provisions of the Local Government <br /> Last Revision 12/2007 00520- 3 Wabasso Beach Pk , Restoration <br /> F:\Public Works\Cliff Suthard\Wabasso Beach ParkW Construction Bid Documents\Bid Documents as of 1 -9-2008\Div 0 AS OF 1 -8- <br /> 2008\00520 - Agreement (Public Works).doc <br />