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Agreement ° <br /> THIS AGREEMENT is by and between INDIAN RIVER COUNTY,a Political Subdivision of the State of Florida organized <br /> and existing under the Laws of the State of Florida, (hereinafter called OWNER) and Summit Construction of Vero <br /> Beach, LLC(hereinafter called CONTRACTOR). <br /> OWNER and CONTRACTOR, in consideration of the mutual covenants hereinafter set forth, agree as follows: <br /> ARTICLE 1-WORK <br /> CONTRACTOR shall complete all Work as specified or indicated in the Contract Documents. The Work is generally <br /> described as follows: <br /> Demolition of County-Owned Structure at 1990 25'Street,Vero Beach <br /> ARTICLE 2-THE PROJECT <br /> The Project for which the Work under the Contract Documents may be the whole or only a part is generally <br /> described as follows: <br /> Project Name: Demolition of 1990 25`h Street <br /> Bid Number: 2016050 <br /> Project Address: 1990 25`h Street,Vero Beach, FL 32960 <br /> ARTICLE 3-CONTRACT TIMES <br /> 3.01 Time of the Essence <br /> A. All time limits for Milestones, if any, Substantial Completion, and completion and readiness for final <br /> payment as stated in the specifications are of the essence of the Agreement. <br /> 3.02 Days to Achieve Substantial Completion, Final Completion and Final Payment <br /> A. The Work will be completed and ready for final payment on or before the 90th day after the date when the <br /> Contract Times commence to run. <br /> 303 Liquidated Damages <br /> A. CONTRACTOR and OWNER recognize that time is of the essence of this Agreement and that OWNER will <br /> suffer financial loss if the Work is not completed within the times specified in paragraph 3.02 above, plus <br /> any extensions thereof allowed in writing as a change order to this Agreement. Liquidated damages will <br /> commence for this portion of work.The parties also recognize the delays,expense,and difficulties involved <br /> in proving in a legal 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 agree that as liquidated <br /> damages for delay (but not as a penalty), CONTRACTOR shall pay OWNER $763.00 for each calendar day <br /> that expires after the time specified in paragraph 3.02 for completion and readiness for final payment until <br /> the Work is completed and ready for final payment. <br /> Page 1 of 6 <br />