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A. The Work will be substantially completed on or before the 60th day after the date when the <br /> Contract Times commence to run as provided in paragraph 2.03 of the General <br /> Conditions, and will be fully completed (Final Completion) and ready for final payment in <br /> accordance with paragraph 14.07 of the General Conditions on or before the 7e day after <br /> the 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 loss if the Work isY�not completed 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, exp ense, and difficulties involved_in proving in <br /> a legal proceeding the actual loss suffered by OWNER if the Work is not-xompleted on <br /> time. Accordingly, instead of requiring -any such proof, OWNER and,t-bNTRACTOR <br /> agree that as liquidated damages forwdelay (but-:not as a penalty), CONTRACTOR shall <br /> pay OWNER $1,148.00 for each calendar day�that expires after`-the time specified in <br /> paragraph 4.02 for Substantial Completion_until the Work is"substantially complete. After <br /> Substantial Completion, if CONTRACTOR shaB'a 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 OWNER$1,148.00 for each calendar day that expires <br /> after the time specified in paragraph 4.02 for completion and readiness for final payment <br /> until the Work is completed and ready for final payment. <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 <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. P( 7.A • ' <br /> 00520-Agreement(Public Works)SAMPLE <br /> 00520-3 <br /> F:\Public Works\ENGINEERING DIVISION PROJECTS\1213-IRC Shooting Range-Skeet&Trap Improvemnts&Hunters Train Bldg\Admim\agenda items\00520-Agreement <br /> (Public Works)SAMPLE.doc <br />