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Revised, Addendum No. 2, 8-7-14 <br />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 the <br />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 Contract <br />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 is 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, expense, and difficulties involved in proving in <br />a legal preceding the actual loss suffered by OWNER if the Work is not completed on <br />time. Accordingly, instead of requiring any such proof,OWNER and CONTRACTOR <br />agree that as liquidated damages for delay (but not as a penalty), CONTRACTOR shall <br />pay OWNER $1,532.00 for each calendar day that expires iter the time specified in <br />paragraph 4.02 for Substantial Completion until the Work is substantially complete. After <br />Substantial Completion, if CONTRACTOR shall 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 OVVNER $1,53Z00 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 comptetedand ready for final payment. <br />B. For the bridge construction, 13* Street S.W. over the Indian River Farms Water Control <br />District Lateral B Canal may be closed to through traffic for a period not to exceed 120 <br />calendar days. For the 84" concrete pipe construction, under 58th Avenue in the Indian <br />River Farms Water Control District Lateral B-8 Canal may be closed to through traffic for <br />a period not to exceed 7'calendardays. The road closures for the bridge construction <br />and 84" concrete pipe construction shall not be done at the same time. The <br />maintenance of traffic plan and the detour shall be in place prior to the road closure <br />(See Appendix C Maintenance of Traffic of Traffic / Detour Plan). Liquidated damages in <br />the amount of $1,532,00 will apply for each calendar day that expires after the above <br />speed closures. <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 5.01.8, 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 />00520 - Agreement Pg 520-3, Adden 2, 8-7-14 REV SAMPLE .doc <br />00520 - 3 <br />f:1Pub io Works'ENGINEERING DIVISION PROJECTS10530B 13th Street SW at 581h Ave Br dge1Adminlegenda items10052D-Agreemem Pg 52D3, Adder 2, 8-7-14 REV <br />SAMPLE doc <br />184 <br />