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14.07 of the General Conditions on or before the 210th calendar 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 essence of this Agreement and that <br /> OWNER will suffer financial loss if the Work is not completed within the times specified in <br /> paragraph 4.02 above, plus any extensions thereof allowed in accordance with Article 12 of the <br /> General Conditions Liquidated damages will commence for this portion of work The parties also <br /> recognize the delays, expense, and difficulties involved in proving in a legal proceeding the actual <br /> loss 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 for <br /> delay (but not as a penalty), CONTRACTOR shall pay OWNER $1,742.00 for each calendar day <br /> that expires after the time specified in paragraph 4 02 for Substantial Completion until the Work is <br /> substantially complete After Substantial Completion, if CONTRACTOR shall neglect, refuse, or <br /> fail to complete the remaining Work within the Contract Time or any proper extension thereof <br /> granted by OWNER, CONTRACTOR shall pay OWNER $1,742.00 for each calendar day that <br /> expires after the time specified in paragraph 4 02 for completion and readiness for final payment <br /> until the Work is completed and ready for final payment. <br /> ARTICLE 5 - CONTRACT PRICE <br /> 501 OWNER shall pay CONTRACTOR for completion of the Work in accordance with the Contract <br /> Documents, an amount in current funds equal to the sum of the amounts determined pursuant to <br /> paragraph 5.01.A and summarized in paragraph 5 01.13, below- <br /> A. For all Work, at the prices stated in CONTRACTOR's Bid, attached hereto as an exhibit. B <br /> THE CONTRACT SUM subject to additions and deductions provided in the Contract:. <br /> Numerical Amount:$ <br /> Written Amount: <br /> ARTICLE 6- PAYMENT PROCEDURES <br /> 601 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 and the Contract Documents. <br /> 6.02 Progress Payments. <br /> A. The OWNER shall make progress payments to the CONTRACTOR on the basis of the <br /> approved partial payment request as recommended by ENGINEER in accordance with the <br /> provisions of the Local Government Prompt Payment Act, Florida Statutes section 218 70 <br /> et. seq The OWNER shall retain ten percent (10%) of the payment amounts due to <br /> the CONTRACTOR until fifty percent <br /> 00520-3 <br />