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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 3.01 above, plus any extensions thereof allowed in writing as a change order to this <br /> Agreement. The parties also recognize the delays, expense, and difficulties involved in proving <br /> in 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 agree that <br /> as liquidated damages for delay (but not as a penalty), CONTRACTOR shall pay OWNER <br /> $450.00 for each calendar day that expires after the time specified in paragraph 3.01 for <br /> completion and readiness for final payment until the Work is completed and ready for final <br /> payment. <br /> ARTICLE 4 - CONTRACT PRICE <br /> 4.01 OWNER shall pay CONTRACTOR for completion of the Work an amount in current funds equal <br /> to the sum of the amounts determined pursuant to paragraph 4.01.A and summarized in paragraph <br /> 4.01.6, 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 /> Documents: <br /> Numerical Amount: $1,477,360.00 <br /> Written Amount: one million four hundred seventy-seven thousand three hundred sixty <br /> dollars and zero cents. <br /> ARTICLE 5 - COMPENSATION <br /> CONTRACTOR shall submit Applications for Payment on a monthly basis. Applications for Payment <br /> will be processed by ENGINEER as provided in the Contract Documents. <br /> 5.1 Progress Payments. The OWNER shall make progress payments to the CONTRACTOR on the <br /> basis of the approved partial payment request as recommended by ENGINEER in accordance <br /> with the provisions of the Local Government Prompt Payment Act, Florida Statutes section <br /> 218.70 ET. seq. The OWNER shall retain ten percent(10%)of the payment amounts due to the <br /> CONTRACTOR until fifty percent (50%) completion of the work. After fifty percent (50%) <br /> completion of the work is attained as certified to OWNER by ENGINEER in writing, OWNER <br /> shall retain five percent(5%)of the payment amount due to CONTRACTOR until final completion <br /> and acceptance of all work to be performed by CONTRACTOR under the Contract Documents. <br /> Pursuant to Florida Statutes section 218.735(8) (b), fifty percent (50%) completion means the <br /> point at which the County as OWNER has expended fifty percent (50%) of the total cost of the <br /> construction services work purchased under the Contract Documents, together with all costs <br /> associated with existing change orders and other additions or modifications to the construction <br /> services work provided under the Contract Documents. <br /> 5.2 Pay Requests. Each request for a progress payment shall be submitted on the application for <br /> payment form supplied by OWNER and the application for payment shall contain the <br /> CONTRACTOR's certification. All progress payments will be on the basis of progress of the work <br /> Section 00530-3 <br /> 41 <br />