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A. The Work will be substantially completed on or before the 180th day after the date when <br /> the Contract Times commence to run as provided in paragraph 2.03 of the General <br /> (W Conditions, and completed and ready for final payment in accordance with paragraph <br /> 14.07 of the General Conditions on or before the 210th day after the date when the <br /> Contract Times commence to run. <br /> 4.03 Liquidated Damages <br /> A. CONTRACTOR and OWNER recognize that time is of the nce of this Agreement and <br /> that OWNER will suffer financial loss if the Work i completed within the times <br /> specified in paragraph 4.02 above, plus any extensions t f allow . in accordance with <br /> Article 12 of the General Conditions. Liquidated damages nG e for this portion of <br /> work. The parties also recognize the delays, ex nse, and di involved in proving in <br /> a legal proceeding the actual loss suffered by NER if the is not c pleted on <br /> time. Accordingly, instead of requiring any suc of, OWNE d CTOR <br /> agree that as liquidated damages for , It no penalty), CTOR shall <br /> pay OWNER $1,148.00 for each ar at after t e e specified in <br /> paragraph 4.02 for Substantial Com n until Work bst ly complete. After <br /> Substantial Completion, if CO RAC shall lett, re fail to complete the <br /> remaining Work within the C t Tim proper a on thereof granted by <br /> OWNER, CONTRACTOR shal NE 8.00 for each calendar day that expires <br /> after the time specified in parag for c etion and readiness for final payment <br /> until the Work is com eted and re f I pay <br /> (W ARTICLE 5 -CONTRACT <br /> 5.01 OWNER ay CON T mpletion of the Work in accordance with the <br /> Contract ts, an a t in t funds equal to the sum of the amounts <br /> determined aragr .01.A and summarized in paragraph 5.01.13, below: <br /> A. Work, a pri in NTRACTOR's Bid, attached hereto as an exhibit. <br /> B. E CONTRACT subject to additions and deductions provided in the Contract:: <br /> un <br /> Written Amo <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. <br /> 00520-3 00520-Agreement(Public Works)SAMPLE.doc <br /> F:IPublic WorksIENGINEERINGDlVISION PROJECTS\9334-12th Street 8 27th Avenue Intersection Improvements\Admimlagenda items\00520-Agreement(Public Works) 66 <br /> SAMPLE.doc <br />