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4.02 Days to Achieve Substantial Completion, Final Completion and Final Payment <br />A. The Work will be substantially completed on or before the 120"' calendar day after the <br />date when the Contract Times commence to run as provided in paragraph 2.03 of the <br />General Conditions, and completed and ready for final payment in accordance with <br />paragraph 14.07 of the General Conditions on or before the 150th calendar day after the <br />date when the Contract Times commence to run. <br />4.03 Liquidated Damages <br />A. CONTRACTOR and OWNER recognize that time is of the ece ofit Agreement and <br />that OWNER will suffer financial Toss if the Work is not con pet' d within",th'e times <br />specified in paragraph 4.02 above, plus any extensions thereof allOWO. in acro lance with <br />Article 12 of the General Conditions. Liquidated darn. ges will commeni vfor: his portion of <br />n,=a <br />work. The parties also recognize the delays, expend difficulties in {? ued�in proving in <br />a legal proceeding the actual loss sufferedvb,WNEF%usf the Work not completed on <br />time. Accordingly,instead of requiring.'rd fin "s% <br />roof .•OWNER "d CONTRACTOR <br />agree that as liquidated damages foflay (but sojas a malty CONTRACTOR shall <br />pay OWNER $1,099.00 for each calejdar day what expires. er the time specified in <br />paragraph 4.02 for Substantial Gompleippon? he Work is substantially complete. After <br />Substantial Completion, if CO neglect, refuse, or fail to complete the <br />remaining Work within the Con f 'me °many proper extension thereof granted by <br />OWNER, CONTRACTOR shall pa. 'ER $499.00 for each calendar day that expires <br />after the time specifiettip,paragrap coreetion and readiness for final payment <br />until the Work is completetiand. read • r final payment. <br />OWNER shallOpay,-*2 NTRAC 1..k4' , for completion of the Worl< in accordance with the <br />Contract Docatents, *At!lo.ufitlh current funds equal to the sum of the amounts <br />determined pursuant4p, araafa 5.01.A and summarized in paragraph 5.01.B, below: <br />A or all Work, at thgences stated in CONTRACTOR's Bid, attached hereto as an exhibit. <br />., ,aiN RAeASUM'subject to additions and deductions provided in the Contract:: <br />Numerical kriount: $ 497,113.24 <br />Written Amount: <br />ARTICLE 6 - PAYMENT PROCEDURES <br />6.01 Submittal and Processing of Payments <br />A. CONTRACTOR shall submit Applications for Payment in accordance with Article 14 <br />of the General Conditions. Applications for Payment will be processed by <br />ENGINEER as provided in the General Conditions and the Contract Documents. <br />@BCL@D0059030 <br />00520 - 3 <br />C:\Users\GRANIC-1\AppData\Local\Temp\BCL Technologies\easyPDF \@BCL@D0059030\@BCL@D0059030.doc <br />P117 <br />