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4 . 02 Days to Achieve Substantial Completion, Final Completion and Final Payment <br /> A . The Work will be substantially completed on or before the 470`"1 day after the date when <br /> the Contract Times commence to run as provided in paragraph 2 . 03 of the General <br /> Conditions , and completed and ready for final payment in accordance with paragraph <br /> 14 . 07 of the General Conditions on or before the 600th day 'after the date when the <br /> Contract Times commence to run. <br /> I <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 $6, 684. 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 16,684.00 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 . 8 , 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: $ 2 0 , 7 7 3 , 3 8 9 . 0 9 <br /> Written Amount: Twenty Million Seven Hundred Seventy Three Thousand <br /> three hundred eighty nine dollars and nine cents <br /> 00520 - Agreement (Public Works) REV 04-07 (10) <br /> 00520 . 3 <br /> C %Oocum4nts and SellaVoUnnmcleughDnlLtxal SetlutgslTemponW Intemot FdestConlent 0ullooat24026Lx6100620 • Agreament (Public Works) REV 0447 ( 10),doc <br />_ _ I <br />