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4.02 Days to Achieve Substantial Completion, Final Completion and Final Payment A. The Work will be substantially completed on or before the 180th calendar day after the date when the Contract Times commence to run as provided in paragraph 2.03 of the General Conditions, and completed and ready for final payment in accordance with paragraph 14.07 of the General Conditions on or before the 210th calendar day after the date when the Contract Times commence to run. 4.03 Liquidated Damages A. CONTRACTOR and OWNER recognize that time is of the`essence of this Agreement and that OWNER will suffer financial Toss if the Work is AO ,completed within the times specified in paragraph 4.02 above, plus any extensions thereOlallowed in accordance with Article 12 of the General Conditions. Liquidated damages will commence for this portion of work. The parties also recognize the delays, exp hse, and difficulties. involved, in proving in a legal proceeding the actual loss suffered by OWNER if theWork_ is not;,corripleted on q 9~:.:_Y" ,,_ , ; , time. Accordingly,instead of re uirin :ian ,:such p�idof, OWNER arid:•,CONTRACTOR agree that as liquidated damages fordelay (but+not as, a..penalty), CONTRACTOR shall pay OWNER $1,742.00 for each calendar day` lat expires\after=the time specified in paragraph 4.02 for Substantial Completion;,until theWork is.substantially complete. After Substantial Completion, if CObNTRACTOR,,shallfleglect, refuse;; or fail to complete the remaining Work within the Contract, Time octi`any proper extension thereof granted by OWNER, CONTRACTOR shall pay,OWNER $1=;:7.42.00 for each calendar day that expires after the time specified in paragraph,4.02=for completion and readiness for final payment until the Work is co,rrmpleted and read] for final'paymentr ARTICLE 5 - CONTRACT PRICE, 5.01 OWNER stall4`pay CONTRACTOR for ;completion of the Work in accordance with the Contract Documents; . an amount:, in current funds equal to the sum of the amounts determined pursuant torparagraph7i5 01.A and summarized in paragraph 5.01.B, below: A.:`.'_Ror all Work, at the prices sta• ted -4h CONTRACTOR's Bid, attached hereto as an exhibit. B. THErCONTRACT SUM subject to additions and deductions provided in the Contract:: Numerical Amount t.1 Written Amount: ARTICLE 6 - PAYMENT PROCEDURES 6.01 Submittal and Processing of Payments A. 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. 6.02 Progress Payments. 00520 - 3 F9Public WorkMENGINEERING DIVISION PROJECTS11138-01d Dixie Hwy Resurfacing -71st St to CR 5101Admim\agenda items\00520 - Agreement (Public Works) REV 04- 07 SAMPLE.doc 00520 - Agreement (Public Works) REV 04-07 SAMPLE 73