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completed within the times specified in Paragraphs 3 . 1 and 3 . 2 above, plus any extensions thereof allowed in accordance with Article 12 of the General Conditions. They 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 four-hundred and fifty dollars ($450 . 00) for each day that expires alter the time specified in Paragraph 3 . 1 for 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 four- hundred and fifty dollars ($450 . 00) for each day that expires after the time specified in Paragraph 3 .2 for completion and readiness for final payment. 3. 3 . 1 The CONTRACTOR and OWNER agree that OWNER is authorized to deduct all or any portion of the above-stated liquidated damages due to the Owner from payments due to the Contractor; or, in the alternative, all or any portion of the above-stated liquidated damages may be collected from the Contractor or its Surety or Sureties . These provisions for liquidated damages shall not prevent the OWNER , in case of the CONTRACTOR's default, from terminating the Contractor's right to proceed as provided in this AGREEMENT . 3 . 3 . 2 In addition to the above-stated liquidated damages, the CONTRACTOR shall be responsible for reimbursing OWNER for the cost of third party consultants in administering the Project beyond the Substantial Completion date specified in this Agreement, or beyond an approved extension of time granted to CONTRACTOR , whichever date is later. ARTICLE 4 CONTRACT PRICE 4 . 1 OWNER shall pay CONTRACTOR for completion of the work in accordance with the Contract Documents in current funds in the amount of $8929365. 10. ARTICLE 5 PAYMENT PROCEDURES CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the General Conditions . Applications for Payment will be processed by ENGINEER as provided in the General Conditions and the Contract Documents . 5 . 1 Progress Payments . The OWNER shall make progress payments to the CONTRACTOR on the basis of the approved partial payment request as recommended by ENGINEER in accordance with the provisions of the Local Government Prompt Payment Act, Florida Statutes section 218 . 70 et. seq . The OWNER shall retain ten percent ( 10%) of the payment amounts due to the CONTRACTOR until fifty percent (50%) completion of the work. After fifty percent (50%) completion of the work is attained as certified to OWNER by ENGINEER in writing , OWNER shall retain five percent (5%) of the payment amount due to CONTRACTOR until final completion and acceptance of all work to be performed by 00530-3