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4.02 Days to Achieve Substantial Completion, Final Completion and Final Payment A. The Work will be fully completed (Final Completion) and ready for final payment in accordance with paragraph 14.13 of the General Conditions on or before May 30, 2015 1. Dune Fill. Dune fill construction may only occur between November 1, 2014 and April 30, 2015. The CONTRACTOR shall utilize sufficient equipment to ensure that construction activities related to dune fill placement along the Project is complete and supporting equipment demobilized from the beach/dune by April 30, 2015. 2. Dune Vegetation. Commencement of vegetative planting is at the CONTRACTOR's discretion Installation of dune vegetation may only occur between November 1, 2014 and May 30, 2015 The CONTRACTOR shall utilize sufficient equipment to ensure that construction activities related to vegetative planting along the Project is complete and supporting equipment demobilized from the beach/dune by May 30, 2015. 4.03 Liquidated Damages A. CONTRACTOR and OWNER recognize that time is of the essence of this Agreement and that OWNER will suffer financial loss if the Work is not completed within the times specified in paragraph 4.02 above Liquidated damages will commence for this portion of work. The parties 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 $2,374 for each calendar day that expires after the time specified in paragraph 4.02 for Substantial Completion until the Work is substantially complete. After Substantial Completion, if CONTRACTOR shall neglect, refuse, or fail to complete the remaining Work within the Contract Time or any proper extension thereof granted by OWNER, CONTRACTOR shall pay OWNER $2,374 for each calendar day that expires after the time specified in paragraph 4.02 for completion and readiness for final payment until the Work is completed 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.B, below: A. For all 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: $3,076,920.00 Written Amount: Three Million Seventy Six Thousand Nine Hundred Twenty Dollars and No Cents ARTICLE 6 - PAYMENT PROCEDURES 6.01 Submittal and Processing of Payments 00520 - 3 M:\Bids\2013-2014 FY (2014000)12014037 Sector 3 Dune Repair\00520 - Agreement - Sector 3 Dune Repair Project - Guettler Brothers Construction July 8 2014.docx