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A. CONTRACTOR and OWNER recognize that time is of the essence for this Agreement <br /> and that OWNER will suffer financial loss if the Work is not completed on or before the <br /> date specified in paragraph 4.02 above, plus any extensions thereof allowed in <br /> accordance with Article 12 of the General Conditions. The parties also recognize the <br /> delays, expense, and difficulties involved in proving in a legal proceeding the actual loss <br /> suffered by OWNER if the Work is not completed on time. Accordingly, instead of <br /> requiring any such proof, OWNER and CONTRACTOR agree that as liquidated damages <br /> for delay (but not as a penalty), CONTRACTOR shall pay OWNER $500 for each calendar <br /> day that expires after the date specified in paragraph 4.02 for Final Completion, until the <br /> Work is finally complete 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 of the <br /> General Conditions. Applications for Payment will be processed by ENGINEER as <br /> provided in the General Conditions. <br /> 6.02 Progress Payments, Retainage <br /> A. OWNER shall make progress payments on account of the Contract Price on the basis of <br /> CONTRACTOR's Applications for Payment at intervals not less than once each month <br /> during performance of the Work as provided in paragraph 6.02.A.1 below. All such <br /> payments will be measured by the schedule of values established in paragraph 2.07.A of <br /> the General Conditions (and in the case of Unit Price Work based on the number of units <br /> completed) or, in the event there is no schedule of values, as provided in the General <br /> Requirements: <br /> 1. Progress payments will be made in an amount equal to the percentage indicated <br /> below, less the aggregate of payments previously made and less such amounts as <br /> ENGINEER may determine or OWNER may withhold, in accordance with paragraph <br /> 14.02 of the General Conditions: <br /> a. Ninety percent (90%) of Work completed (with the balance being retainage). <br /> There will be no payment for the cost of materials and equipment not incorporated <br /> in the Work but stored on the Project site. <br /> Attachment D-00520-Agreement-Addendum No.2 <br /> ADDENDUM NO.2 00520-2 19 3 <br /> F:\Public Works\KeithM\Stormwater Projects\PC South Construction\Agenda Items\Attachment D-00520-Agreement-Addendum No.2.doc Rev.05!01 <br />