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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 specified in <br /> paragraph 4.02 above, plus any extensions thereof allowed in accordance with Article 12 of the <br /> General Conditions. The parties also recognize the delays, expense, and difficulties involved in <br /> proving in a legal or arbitration proceeding the actual loss suffered by OWNER if the Work is not <br /> completed on time. Accordingly, instead of requiring any such proof, OWNER and <br /> CONTRACTOR agree that as liquidated damages for delay (but not as a penalty), <br /> CONTRACTOR shall pay OWNER $1,500.00 for each calendar day that expires after the time <br /> specified in paragraph 4.02 for Substantial Completion until the Work is substantially complete. <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 /> B. THE CONTRACT SUM subject to additions and deductions provided in the Contract:: <br /> Numerical Amount: <br /> Written Amount: <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 of the <br /> General Conditions. Applications for Payment will be processed by ENGINEER as <br /> provided in the General Conditions. <br /> 6.02 Progress Payments; Retainage <br /> A. The OWNER shall make progress payments to the CONTRACTOR on the basis of the <br /> approved partial payment request at intervals not less than once each month as <br /> recommended by ENGINEER in accordance with the provisions of the Local <br /> Government Prompt Payment Act, Florida Statutes section 218.70 et. seq. All such <br /> payments will be measured by the schedule of values established in paragraph 2.07.A of <br /> the General Conditions (and Supplementary Conditions if applicable) (and in the case of <br /> Unit Price Work based on the number of units completed) or, in the event there is no <br /> schedule of values, as provided in the General Requirements, The OWNER shall retain <br /> ten percent (10%) of the payment amounts due to the CONTRACTOR until fifty percent <br /> (50%) completion of the work. After fifty percent (50%) completion of the work is <br /> attained as certified to OWNER by ENGINEER in writing, OWNER shall retain five <br /> percent (5%) of the payment amount due to CONTRACTOR until final completion and <br /> acceptance of all work to be performed by CONTRACTOR under the Contract <br /> Documents. Pursuant to Florida Statutes section 218.735(8)(b), fifty percent (50%) <br /> completion means the point at which the County as OWNER has expended fifty percent <br /> (50%) of the total cost of the construction services work purchased under the Contract <br /> Documents, together with all costs associated with existing change orders and other <br /> 00520-Agreement(Public.Works)2006091 <br /> 00520-3 <br /> F:\Public Works\Capltal Projects\Oslo Road\Oslo Road-Old Dixie to 27th Ave\CONTRACT DOCUMENT100520-Agreement(Public Works)2006091.doc Rev.05/01 <br />