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A. CONTRACTOR and OWNER recognize that time is of the essence for this Agreement and that OWNER will suffer financial loss if the Work is not completed on or before the date specked in paragraph 4.02 above, plus any extensions thereof allowed in accordance with Article 12 of the General Conditions. The parries also recognize the delays, expense, and difficulties involved in proving in a legal proceeding the actual loss suffered by OWNER if the Work is not completed on time. Accordingly, instead of requiring any such proof, OWNER and CONTRACTOR agree that as liquidated damages for delay (but not as a penalty), CONTRACTOR shall pay OWNER $500 for each calendar day that expires after the date specified in paragraph 4.02 for Final Completion, until the Work is finally complete and ready for final payment. ARTICLE 5 -CONTRACT PRICE 5.01 OWNER shall .pay CONTRACTOR for completion of the Work in accordance with the Contract Documents, an amount in current funds equal to the. sum of the amounts determined pursuant to paragraph 5:01.A and summarized in paragraph 5.01.8, below: A. For ail Work, at the prices stated in CONTRACTOR's Bid, attached hereto as an exhibit. B. THE CONTRACT SUM subject to additions and deductions provided in the Contract:: Numerical Amount: $1,288,482.00 Written Amount: One mi{lion two hundred eight -eight thousand four hundred eighry- two dollars and zero cents ARTICLE 6 -PAYMENT PROCEDURES 6.01 Submittal and Processing of Payments A. CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the General Conditions (and Supplementary Conditions if applicable). Applications for Payment will be processed by ENGINEER as provided in the General Conditions (and Supplementary Conditions if applicable}. 6.02 Progress Payments; Retainage A. OWNER shall make progress payments on account of the Contract Price on the basis of CONTRACTOR's Applications for Payment at intervals not less than once each month during pertormance of the Work as provided in paragraph 6.02.A.1 below. All such payments will be measured by the schedule of values established in paragraph 2.07.A of the General Conditions (and Supplementary Conditions if applicable) (and in the case of Unit Price Work based on the number of units completed) or, in .the event there is no schedule of values, as provided in the General Requirements: 1. Progress payments will be made in an amount equal to the percentage indicated below, less the aggregate of payments previousy made and less such amounts as ENGINEER may determine or OWNER may withhold, in accordance with paragraph 14.02 of the General Conditions (and Supplementary Conditions if applicable): 00520 -Agreement (Public Works) -ADDENDUM 2 ADDENDUM NO. 2 00520 - 2 F:1PubUc WorlroUCeItlV�AlStonnwater Projecie\Epret Mesh OparetioMConveta Surface ModlfkeUoMBlddlnp DoeurnmKstBiddlrq mid ConVad OoumentsW0520 - Aprearnent 15 8 (Prblk: Works) -ADDENDUM 2.doc Ray. 05!01 �'I