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403 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 proceeding 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 $1,742.00 for each calendar day that expires after 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 OWNER 1,742.00 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 completed and ready for final payment. <br /> ARTICLE 5 - CONTRACT PRICE <br /> 501 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: $1,780,074.06 <br /> Written Amount: one million, seven hundred eighty thousand seventy four dollars and <br /> six cents <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 /> A.The OWNER shall make progress payments to the CONTRACTOR on the basis of <br /> the approved partial payment request as recommended by ENGINEER in <br /> accordance with the provisions of the Local Government Prompt Payment Act, <br /> Florida Statutes section 218.70 et. seq. The OWNER shall retain ten percent <br /> (10%) of the payment amounts due to the CONTRACTOR until fifty percent <br /> (50%) completion of the work. After fifty percent (50%) completion of the work is <br /> attained as certified to OWNER by ENGINEER in writing, OWNER shall retain <br /> five percent (5%) of the payment amount due to CONTRACTOR until final <br /> completion and acceptance of all work to be performed by CONTRACTOR under <br /> 00520-Agreement(Public Works)REV 04-07(2) <br /> 00520-3 <br />