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14 . 07 of the General Conditions on or before the 210th day after the date when the <br /> Contract Times commence to run . <br /> 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 <br /> specified in paragraph 4 . 02 above , plus any extensions thereof allowed in accordance with <br /> Article 12 of the General Conditions . Liquidated damages will commence for this portion of <br /> work. The parties also recognize the delays , expense , and difficulties involved in proving in <br /> 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 <br /> agree that as liquidated damages for delay ( but not as a penalty) , CONTRACTOR shall <br /> pay OWNER $ 1 , 148 . 00 for each calendar day that expires after the time specified in <br /> paragraph 4 . 02 for Substantial Completion until the Work is substantially complete . After <br /> Substantial Completion , if CONTRACTOR shall neglect, refuse , or fail to complete the <br /> remaining Work within the Contract Time or any proper extension thereof granted by <br /> OWNER, CONTRACTOR shall pay OWNER $ 1 , 148 . 00 for each calendar day that expires <br /> after the time specified in paragraph - 4 , 02 for completion and readiness for final payment <br /> until the 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 . B , 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 : $ 1 , 862 , 174 . 39 <br /> Written Amount : One Million Eight Hundred Sixty Two Thousand <br /> One Hundred Seventy Four & 39 / 100 <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 <br /> of the General Conditions . Applications for Payment will be processed by <br /> ENGINEER as provided in the General Conditions and the Contract Documents . <br /> i <br /> 6 . 02 Progress Payments. <br /> A. The OWNER shall make progress payments to the CONTRACTOR on the basis of <br /> the approved partial payment request as recommended by ENGINEER in <br /> accordance with the provisions of the Local Government Prompt Payment Act, <br /> Florida Statutes section 218 . 70 et. seq . The OWNER shall retain ten percent <br /> 00520 - Agreement (Public Works) REV 04-07 (8) <br /> 00520 - 3 <br /> C \Documents and Satbngs\mmclaughlm\Locai SetungslTemporary Internet Files%Conlent.0utlook124026LX6100520 - Agreement (Public Works) REV 04-07 (6).doc <br />