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thereof allowed in accordance with Article 12 of the General Conditions. They also recognize <br /> the delays, expense and difficulties involved in proving in a legal proceeding the actual loss <br /> suffered by OWNER if the work is not completed on time Accordingly, instead of requiring <br /> any such proof, OWNER and CONTRACTOR agree that as liquidated damages for delay <br /> (but not as a penalty) CONTRACTOR shall pay OWNER four-hundred and fifty dollars <br /> ($450 00) for each day that expires after the time specified in Paragraph 3.1 for Substantial <br /> Completion, if CONTRACTOR shall neglect, refuse or fail to complete the remaining work <br /> within the Contract Time or any proper extension thereof granted by OWNER, <br /> CONTRACTOR shall pay OWNER four-hundred and fifty dollars ($450 00) for each day that <br /> expires after the time specified in Paragraph 3 2 for Final Completion and readiness for final <br /> payment. <br /> 33.1 The CONTRACTOR and OWNER agree that OWNER is authorized to deduct <br /> all or any portion of the above-stated liquidated damages due to the Owner <br /> from payments due to the Contractor; or, in the alternative, all or any portion of <br /> the above-stated liquidated damages may be collected from the Contractor or <br /> its Surety or Sureties. These provisions for liquidated damages shall not <br /> prevent the OWNER, in case of the CONTRACTOR's default, from <br /> terminating the Contractor's right to proceed as provided in this AGREEMENT. <br /> 3.3.2 In addition to the above-stated liquidated damages, the CONTRACTOR shall <br /> be responsible for reimbursing OWNER for third party consultants in <br /> administering the Project beyond the Substantial Completion date specified in <br /> this Agreement, or beyond an approved extension of time granted to <br /> CONTRACTOR, whichever date is later. <br /> ARTICLE 4 CONTRACT PRICE <br /> 4.1 OWNER shall pay CONTRACTOR for completion of the work in accordance with the <br /> Contract Documents in current funds in the amount of$ 546,102.93 <br /> ARTICLE 5 PAYMENT PROCEDURES <br /> CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the General <br /> Conditions Applications for Payment will be processed by ENGINEER as provided in the General <br /> Conditions and the Contract Documents. <br /> 5.1 Progress Payments The OWNER shall make progress payments to the CONTRACTOR on <br /> the basis of the approved partial payment request as recommended by ENGINEER in <br /> accordance with the provisions of the Local Government Prompt Payment Act, Florida <br /> Statutes section 218.70 ET seq. The OWNER shall retain ten percent (10%) of the payment <br /> amounts due to the CONTRACTOR until fifty percent(50%) completion of the work. After fifty <br /> percent (50%) completion of the work is attained as certified to OWNER by ENGINEER in <br /> writing, OWNER shall retain five percent (5%) of the payment amount due to CONTRACTOR <br /> until final completion and acceptance of all work to be performed by CONTRACTOR under <br /> the Contract Documents. Pursuant to Florida Statutes section 218.735(8) (b), fifty percent <br /> (50%) completion means the point at which the County as OWNER has expended fifty <br /> percent (50%) of the total cost of the construction services work purchased under the <br /> 00530-3 <br />