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0 <br />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 />B. The OWNER shall pay a bonus for early completion of the items on the Statutory List in the <br />amount of $200.00 for each calendar day that the Statutory List Work is completed before <br />the Contract Time on the terms and conditions set forth herein. OWNER and <br />CONTRACTOR agree that, for CONTRACTOR to be eligible for the bonus, CONTRACTOR <br />must complete the Work on the Statutory List at least one entire calendar day before the <br />expiration of 30 calendar days after Substantial Completion , i.e., before the Contract Time <br />or any proper extension thereof granted by OWNER, and OWNER shall not pay for partial <br />days. <br />ARTICLE 5 =CONTRACT PRICE <br />5.01 OWNER shall pay CONTRACTOR for <br />Documents in current funds the amount of <br />Amount): <br />Written Amount: <br />completion of the Work in accordance with the Contract <br />$ R �`�� �%- (Numerical <br />ARTICLE 6 =PAYMENT PROCEDURES <br />6.01 Submittal and Processing of Payments <br />.k+Lv 0 <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 />