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4.02 Days to Achieve Substantial Completion, Final Completion and Final Payment <br />A. The Work will be substantially completed oh or before the 120th calendar day after the <br />date when the Contract Times commence to run as provided in paragraph 2.03 of the <br />General Conditions, and completed and ready for final payment in accordance with <br />paragraph 14.07 of the General Conditions on or before the 150th calendar day after the <br />date when the Contract Times commence to run. <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 Toss if the Work is .ncompleted 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 difficuil es involved in proving in <br />a legal proceeding the actual Toss suffered by O\ R if the Work nol repleted on <br />time Accordingly, instead of requiring •any such proof, OWNER an:d4ONTRACTOR <br />agree that as liquidated damages for delay (but ;not as a penalty), CONTRACTOR shall <br />pay OWNER $1,742.00 for each calendar da :that expires afteal0 time specified in <br />paragraph 4.02 for Substantial Completion until the Work iss bstantially complete. After <br />Substantial Completion, if CONTRACTOR kshall <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 ODER $1:742.00 for each calendar day that expires <br />after the time specified in paragraph 4.02 for coition and readiness for final payment <br />until the Work is co eted and read ford paymert <br />ARTICLE 5 - CONTRACT PRICE <br />5.01 OWNER shalrpay CONTRACTOR for co pletion of the Work in accordance with the <br />Contract Documents;: an amount in current funds equal to the sum of the amounts <br />determined prs uant o paragraph01.A and summarized in paragraph 5.01.B, below: <br />A. For all Work, at th`"e<prices stated <br />�n CONTRACTOR's Bid, attached hereto as an exhibit. <br />B. THE;CONTRACT SUM subject to additions and deductions provided in the Contract:: <br />-i?er <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 <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 />6.02 Progress Payments. <br />00520 - Agreement (Public Works) SAMPLE <br />00520 - 3 <br />F\Public Works\ENGINEERING DIVISION PROJECTS\1304-CR 512 Resurt (SCOP)_125th Ave to I-951Admim\agenda items\00520 - Agreement (Public Works) SAMPLE.doc <br />37 <br />