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I <br /> 3 . Perform contract closeout procedures . <br /> 3 . 2 Completion of all tasks outlined above ( i . e . , Subparagraphs a , b , and c ) constitute <br /> Final Completion . <br /> 3 . 3 Liquidated Damages . OWNER and CONTRACTOR recognize that time is of the <br /> essence of this Agreement and that OWNER will suffer financial loss if the work is not <br /> completed within the times specified in Paragraphs 3 . 1 and 3 . 2 above , plus any extensions <br /> thereof allowed in accordance with Article 12 of the General Conditions . They 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 <br /> ( but not as a penalty) CONTRACTOR shall pay OWNER four- hundred and fifty dollars <br /> ($450 . 00 ) for each day that expires after the time specified in Paragraph 3 . 1 for Substantial <br /> Completion , if CONTRACTOR shall neglect , refuse or fail to complete the remaining work <br /> within the Contract Time or any proper extension thereof granted by OWNER , <br /> CONTRACTOR shall pay OWNER four- hundred and fifty dollars ( $450 . 00 ) for each day that <br /> expires after the time specified in Paragraph 3 . 2 for completion and readiness for final <br /> payment . <br /> 3 . 3 . 1 The CONTRACTOR and OWNER agree that OWNER is authorized to deduct <br /> all or any portion of the above -stated liquidated damages due to the Owner <br /> from payments due to the Contractor; or , in the alternative , all or any portion of <br /> the above -stated liquidated damages may be collected from the Contractor or <br /> its Surety or Sureties . These provisions for liquidated damages shall not <br /> prevent the OWNER , in case of the CONTRACTOR ' s default , from <br /> terminating the Contractor' s right to proceed as provided in this AGREEMENT . <br /> 3 . 3 . 2 In addition to the above -stated liquidated damages , the CONTRACTOR shall <br /> be responsible for reimbursing OWNER to third party consultants in <br /> administering the Project beyond the Substantial Completion date specified in <br /> this Agreement , or beyond an approved extension of time granted to <br /> CONTRACTOR , whichever date is later . <br /> ARTICLE 4 CONTRACT PRICE <br /> 4 . 1 OWNER shall pay CONTRACTOR for completion of the work in accordance with the <br /> Contract Documents in current funds in the amount of $ 2 , 023 , 389 . 50 <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 and the Contract Documents . <br /> 5 . 1 Progress Payments . The OWNER shall make progress payments to the CONTRACTOR on <br /> the basis of the approved partial payment request as recommended by ENGINEER in <br /> accordance with the provisions of the Local Government Prompt Payment Act , Florida <br /> 00530-3 <br />