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1 <br />applicable) on or before the 3001h calendar day after the date when the Contract Times <br />commence to run.. <br />4.03 Liquidated Damages <br />A. CONTRACTOR and OWNER recognize that time is of the essence for this Agreement and <br />that OWNER will suffer financial loss if the Work is not completed within the times specified <br />in paragraph 4.02 above, plus any extensions thereof allowed in accordance with Article 12 <br />of the General Conditions (and Supplementary Conditions if applicable). The parties also <br />recognize the delays, expense, and difficulties involved in proving in a legal proceeding the <br />actual loss suffered by OWNER if the Work is not completed on time. Accordingly, instead <br />of requiring any such proof, OWNER and CONTRACTOR agree that as liquidated damages <br />for delay (but not as a penalty), CONTRACTOR shall pay OWNER $500.00 for each <br />calendar day that expires after the time specified in paragraph 4.02 for Substantial <br />Completion until the Work is substantially complete. After Substantial Completion, if <br />CONTRACTOR shall neglect, refuse, or fail to complete the remaining Work within the <br />Contract Time or any proper extension thereof granted by OWNER, CONTRACTOR shall <br />pay OWNER $200.00 for each calendar day that expires after the time specified in <br />paragraph 4.02 for Final Completion of Construction until the Work is completed and ready <br />for final payment. <br />ARTICLE 5 - CONTRACT PRICE <br />LJ 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 />Qdetermined 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: $5,389,972.10 <br />Written Amount: Five million three hundred eighty-nine thousand nine hundred <br />seventy-two dollars and ten cents <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 />�1 General Conditions (and Supplementary Conditions if applicable). Applications for Payment <br />will be processed by ENGINEER as provided in the General Conditions (and Supplementary <br />Conditions if applicable). <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 Government <br />Prompt Payment Act, Florida Statutes section 218.70 et. seq. All such payments will be <br />measured by the schedule of values established in paragraph 2.07.A of the General <br />Conditions (and Supplementary Conditions if applicable) (and in the case of Unit Price Work <br />Last Revision 12/2008 00520-2 Egret Marsh <br />