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4.02 Days to Achieve Substantial Completion, Final Completion and Final Payment <br />A. The Work will be substantially completed on or before the 150 day after the date when <br />the Contract Times commence to run as provided in paragraph 2.03 of the General <br />Conditions, and completed and ready for final payment in accordance with paragraph <br />14.07 of the General Conditions on or before the 180 day after the date when the <br />Contract Times commence to run. <br />4.03 Liquidated Damages <br />A. <br />CONTRACTOR and OWNER recognize that time is of the e <br />that OWNER will suffer financial loss if the Work is no <br />specified in paragraph 4.02 above, plus any extensions there <br />Article 12 of the General Conditions. Liquidated damages will comm <br />work. The parties also recognize the delays, expe se, and difficult' <br />a legal preceding the actual loss suffered by ' 4ER if the Work <br />time. Accordingly, instead of requiring any such4proof, OWNER an <br />agree that as liquidated damages for dela ..1 i not a: penalty), <br />pay OWNER $ 1,148.00 for each <br />paragraph 4.02 for Substantial Com <br />Substantial Completion, if CONTRA <br />remaining Work within the Co <br />OWNER, CONTRACTOR sha <br />expires after the time specified <br />payment until the Work is complet <br />ce of this <br />mplete <br />greement and <br />thin the times <br />i accordance with <br />ce for this Ilion of <br />volve proving in <br />pleted on <br />ONTRACTOR <br />ONTRACTOR shall <br />ct <br />at es a a time specified in <br />'Work I' - s tially complete. After <br />eglect, reju or fail to complete the <br />proper extension thereof granted by <br />1,148.00 for each calendar day that <br />02 for completion and readiness for final <br />final payment. <br />ARTICLE 5 - CONTRACT PRI <br />5.01 OWNER sh <br />Contract Do <br />determined pu <br />for completion of the Work in accordance with the <br />n current funds equal to the sum of the amounts <br />01.A and summarized in paragraph 5.01.B, below: <br />ces stated in CONTRACTOR's Bid, attached hereto as an exhibit. <br />subject to additions and deductions provided in the Contract: <br />unt: $ <br />unt: <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 />00520 - Agreement (Public Works)SAMPLE.doc <br />00520 - 3 <br />F:\Public Works\ENGINEERING DIVISION PROJECTS11137-OId Dixie Hwy Resurfacing IRF North Relief Canal to 71st ShAdmimtagenda items100520 - Agreement (Public <br />Works)SAMPLE.doc <br />46 <br />