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not completed within the times specified in Paragraphs 3.1 and 3.2 above, plus any <br /> extensions thereof allowed in accordance with Article 12 of the General Conditions. <br /> They also recognize the delays, expense and difficulties involved in proving in a legal <br /> proceeding the actual loss suffered by OWNER if the work is not completed on time. <br /> Accordingly, instead of requiring any such proof, OWNER and CONTRACTOR <br /> agree that as liquidated damages for delay (but not as a penalty) CONTRACTOR <br /> shall pay OWNER four-hundred and fifty dollars ($450.00) for each day that expires <br /> after the time specified in Paragraph 3.1 for Substantial Completion, if <br /> CONTRACTOR shall neglect, refuse or fail to complete the remaining work within the <br /> Contract Time or any proper extension thereof granted by OWNER, CONTRACTOR <br /> shall pay OWNER four-hundred and fifty dollars ($450.00) for each day that expires <br /> after the time specified in Paragraph 3.2 for completion and readiness for final <br /> payment. <br /> 3.3.1 The CONTRACTOR and OWNER agree that OWNER is authorized to <br /> deduct all or any portion of the above-stated liquidated damages due to <br /> the Owner from payments due to the Contractor; or, in the alternative, <br /> all or any portion of the above-stated liquidated damages may be <br /> collected from the Contractor or its Surety or Sureties. These <br /> provisions for liquidated damages shall not prevent the OWNER, in <br /> case of the CONTRACTOR's default, from terminating the Contractor's <br /> right to proceed as provided in this AGREEMENT. <br /> 3.3.2 In addition to the above-stated liquidated damages, the <br /> CONTRACTOR shall be responsible for reimbursing OWNER for the <br /> �.. cost of third party consultants in administering the Project beyond the <br /> Substantial Completion date specified in this Agreement, or beyond an <br /> approved extension of time granted to CONTRACTOR, whichever date <br /> is later. <br /> ARTICLE 4 CONTRACT PRICE <br /> 4.1 OWNER shall pay CONTRACTOR for completion of the work in accordance with the <br /> Contract Documents in current funds in the amount of$892,365.10. <br /> ARTICLE 5 PAYMENT PROCEDURES <br /> CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the <br /> General Conditions. Applications for Payment will be processed by ENGINEER as provided <br /> in the General Conditions and the Contract Documents. <br /> 5.1 Progress Payments. The OWNER shall make progress payments to the <br /> CONTRACTOR on the basis of the approved partial payment request as <br /> recommended by ENGINEER in accordance with the provisions of the Local <br /> Government Prompt Payment Act, Florida Statutes section 218.70 et. seq. The <br /> OWNER shall retain ten percent (10%) of the payment amounts due to the <br /> CONTRACTOR until fifty percent (50%) completion of the work. After fifty percent <br /> ,", (50%) completion of the work is attained as certified to OWNER by ENGINEER in <br /> 00530-3 <br /> 97 <br />