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Revised, Addendum No. 2, 8-7-14 4.02 Days to Achieve Substantial Completion, Final Completion and Final Payment A. The Work will be substantially completed on or before the 150 day after the date when the Contract Times commence to run as provided in paragraph 2.03 of the General Conditions, and completed and ready for final payment in accordance with paragraph 14.07 of the General Conditions on or before the 180 day after the date when the Contract Times commence to run. 4.03 Liquidated Damages A. CONTRACTOR and OWNER recognize that time is of the essence of this Agreement and that OWNER will suffer financial Toss if the Work is not completed within the times specified in paragraph 4.02 above, plus any extensions thereof allowed in accordance with Article 12 of the General Conditions. Liquidated damages will commence for this portion of work. The parties also recognize the delays, expense, and difficulties involved in proving in a legal preceding the actual loss suffered by OWNER if the Work is not completed on time. Accordingly, instead of requiring any such proof, OWNER and CONTRACTOR agree that as liquidated damages for delay (but not as a penalty), CONTRACTOR shall pay OWNER $1.532.00 for each calendar day that expires after the time specified in paragraph 4.02 for Substantial Completion until the Work is substantially complete. After Substantial Completion, if CONTRACTOR shall neglect, refuse, or fail to complete the remaining Work within the Contract Time or any proper extension thereof granted by OWNER, CONTRACTOR shall pay OWNER $1,532.00 for each calendar day that expires after the time specified in paragraph 4.02 for completion and readiness for final payment until the Work is completed and ready for final payment. B. For the bridge construction, 13th Street S.W. over the Indian River Farms Water Control District Lateral B Canal may be closed to through traffic for a period not to exceed 120 calendar days. For the 84" concrete pipe construction, under 58th Avenue in the Indian River Farms Water Control District Lateral B-8 Canal may be closed to through traffic for a period not to exceed 7 calendar days. The road closures for the bridge construction and 84" concrete pipe construction shall not be done at the same time. The maintenance of traffic plan and the detour shall be in place prior to the road closure (See Appendix C Maintenance of Traffic of Traffic / Detour Pian). Liquidated damages in the amount of $1,532.00 will apply for each calendar day that expires after the above specified closures. ARTICLE 5 - CONTRACT PRICE 5.01 OWNER shall pay CONTRACTOR for completion of the Work in accordance with the Contract Documents, an amount in current funds equal to the sum of the amounts determined pursuant to paragraph 5.01.A and summarized in paragraph 5.01.B, below: A. For all Work, at the prices stated in CONTRACTOR's Bid, attached hereto as an exhibit. B. THE CONTRACT SUM subject to additions and deductions provided in the Contract:: Numerical Amount: $ 1) 3 tp(p/ L2 rj . �O one m►)Iton +hrec.h dred5,�ys1x--f'1 Written Amount: re,..: .' a , ,i c-ei1fS 00520 - Agreement Pg 520-3, Adden 2, 8-7-14 REV .doc 00520 - 3 F:1Publle Works1ENGINEERING DIVISION PROJECTS105308 13th Street SW at 58th Ave Bridge1Adminlbid documentsrMaster Contract Documente100520 -Agreement Pg 520-3, Adden 2, 8-7-14 REV .doc