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lee�F <br /> Conditions , and completed and ready for final payment in accordance with paragraph <br /> 14 . 07 of the General Conditions on or before the 360th day after the date when the <br /> Contract Times commence to run . <br /> Be The Work will be fully completed ( Final Completion ) and ready for final payment in <br /> accordance with paragraph 14 . 07 of the General Conditions on or before the 360th day <br /> after the date when the Contract Times commence to run as provided in paragraph 2 . 03 of <br /> the General Conditions . <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 , 914 . 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 , 914 . 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 . 13 , below : <br /> A . For all Work , at the prices stated in CONTRACTOR 's Bid , attached hereto as an exhibit . <br /> Be THE CONTRACT SUM subject to additions and deductions provided in the Contract : : <br /> Numerical Amount : $ `) , <br /> Written Amount : <br /> led <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 /> 00520 - 3 00520 m, Agreement ( Public Works) REV 04-07 ( 3) <br /> C \Documents and settings\mmclaughlin\Local Settings\Temporary Internet Files\Content. Oullook\24026LX8\00520 - Agreement (Public Works) REV 04-07 (3). <br />doc <br />