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exception of those noted to be provided by OWNER to perform the work described above in accordance <br /> with the Contract Documents . <br /> ARTICLE 2 ENGINEER <br /> The project has been designed by Camp Dresser & McKee Inc., hereinafter called ENGINEER, and who is <br /> to act as OWNER'S representative, assume all duties and responsibilities and have the rights and authority <br /> assigned to ENGINEER in the Contract Documents in connection with completion of the work in <br /> accordance with the Contract Documents. <br /> ARTICLE 3 CONTRACT TIME <br /> 3 . 1 The CONTRACTOR shall be substantially completed with the work one hundred twenty ( 120) <br /> calendar days after issuance of the Notice to Proceed, in accordance with Paragraph 2 .03 of the <br /> General Conditions, and be completed and ready for final payment in accordance with Paragraph <br /> 14 . 07 of the General Conditions within one hundred fifty ( 150) calendar days after the issuance <br /> of the Notice to Proceed . <br /> 3 .2 Liquidated Damages. OWNER and CONTRACTOR recognize that time is of the essence of this <br /> Agreement and that OWNER will suffer financial loss if the work is not completed within the times <br /> specified in Paragraph 3 . 1 above, plus any extensions thereof allowed in accordance with Article 12 <br /> of the General Conditions. They also recognize the delays, expense and difficulties involved in <br /> proving in a legal proceeding the actual loss suffered by OWNER if the work is not completed on <br /> time. Accordingly, instead of requiring any such proof, OWNER and CONTRACTOR agree that as <br /> liquidated damages for delay (but not as a penalty) CONTRACTOR shall pay OWNER five- <br /> hundred dollars ($500.00) for each day that expires after the time specified in Paragraph 3 . 1 for <br /> Substantial Completion, if CONTRACTOR fails to complete the remaining work within the <br /> Contract Time or any proper extension thereof granted by OWNER, CONTRACTOR agree that as <br /> liquidated damages for delay (but not as a penalty) CONTRACTOR shall pay OWNER three <br /> hundred dollars ($300.00) for each day that expires after the time specified in Paragraph 3 . 1 for <br /> completion and readiness for final payment. <br /> ARTICLE 4 CONTRACT PRICE <br /> 4. 1 OWNER shall pay CONTRACTOR for completion of the work in accordance with the Contract 4 <br /> Documents in current funds in the amount of $ 55R , boy Sc <br /> ARTICLE 5 PAYMENT PROCEDURES <br /> CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the General <br /> Conditions. Applications for Payment will be processed by ENGINEER as provided in the General <br /> Conditions , <br /> 5 . 1 Progress Payments. OWNER shall make monthly progress payments on account of the Contract <br /> Price on the basis of CONTRACTOR'S Applications for Payment as recommended by ENGINEER, <br /> during construction as provided below. All progress payments will be on the basis of the progress of <br /> the work measured by the schedule of values established in Article 2 of the General Conditions (and <br /> in the case of 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 /> 6706-38392\8/20/03 00530-2 VRB <br />