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General Conditions, and completed and ready for final payment in accordance with <br />paragraph 14.07 of the General Conditions on or before the 180th calendar day after the <br />date when the Contract Times commence to run. <br />************************************************************************************************************ <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 loss if the Work is not completed within the times <br />specified in paragraph 4.02 above, plus any extensions thereallowed in accordance with <br />Article 12 of the General Conditions. Liquidated damages willof: commence for this portion of <br />work. The parties also recognize the delays, expense, and:.difficulties involved in proving in <br />a legal proceeding the actual Toss suffered by OWNEFRsihhe Work. is not completed on <br />time. Accordingly, instead of requiring any such proof, 'DINNER -.and CONTRACTOR <br />agree that as liquidated damages for delay (but, not as a perialtyr); CONTRACTOR shall <br />pay OWNER $1,742.00 for each calendar day. -that expires after_the time specified in <br />paragraph 4.02 for Substantial Completion until th& Work is substantially 9O6lplete. After <br />Substantial Completion, if CONTRACTOR" shall neglect, refuse, or'fail to complete the <br />remaining Work within the Contract ;Time -okany proper, extension thereof granted by <br />OWNER, CONTRACTOR shall pay OWNER $1;7.42.00 for -,each calendar day that expires <br />after the time specified in paragraph 4"02 for completion and readiriess for final payment <br />until the Work is completed andrready for final payment. <br />h_ •. r^T <br />ARTICLE 5 - CONTRACT PRICE <br />5.01 OWNER shall paytCONTRACTORfor cornpletionofgthe Work in accordance with the <br />Contract Documents;- a 1 m,9unt iris currentJunds equal to the sum of the amounts <br />determined pursuant to,paragraph,5,01A and summarized in paragraph 5.01.B, below: <br />A. For all Work'at:the prices stated in COIVTRACTOR's Bid, attached hereto -as an exhibit. <br />t= Y <br />B. THE CONTRACT SUMjsubject toadditions and deductions provided in the Contract:: <br />Numerical Amount: ,$t' <br />r <br />Written=Amount::r <br />ARTICLE 6 - PAYMENTPPROCEDURES <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 />A. The OWNER shall make progress payments to the CONTRACTOR on the basis of <br />the approved partial payment request as recommended by ENGINEER in <br />accordance with the provisions of the Local Government Prompt Payment Act, <br />Florida Statutes section 218.70 et. seq. The OWNER shall retain ten percent <br />Sample Agreement <br />00520 - 3 <br />F:\Public Works\ENGINEERING DIVISION PROJECTS \1213B -IRC Shooting Range Skeet & Trap Phase 2\Admin\agenda items\Sample Agreement.doc <br />84 <br />