Laserfiche WebLink
4.02 Days to Achieve Substantial Completion, Final Completion and Final Payment <br />A. The Work will be substantially completed on or before the 150th 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 180"' 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 essencetof`this Agreement and <br />that OWNER will suffer financial loss if the Work is not completed within the times <br />specified in paragraph 4.02 above, plus any extensions thereof allo ' d in accordance with <br />Article 12 of the General Conditions. Liquidated damages will comm "nee for,,,this portion of <br />work. The parties also recognize the delis;'expense `and difficulties inVQlyed in proving in <br />a legal proceeding the actual loss suffered bi"OWNER4.the Work is not completed on <br />time. Accordingly, instead of requiring.,, any sudK proof, OWNER,". CONTRACTOR <br />agree that as liquidated damages for delay (but riot as a penalty)'`CONTRACTOR shall <br />pay OWNER $2,876.00 for eaFh`calendar:day:;tliat expires after the time specified in <br />paragraph 4.02 for Substantial Completion until °the Work is substantially complete. After <br />Substantial Completion, if CONTRACTOR shall --..neglect, refuse, or fail to complete the <br />remaining Work within the Contract Time or any`'.proper extension thereof granted by <br />OWNER, CONTRACTOR,.shall pay OWNER 2 876.00 for each calendar day that expires <br />after the time specified :inparagraph 4.02 for `completion and readiness for final payment <br />until the Work is completed and ready fonfinal payment. <br />ARTICLE 5 - CONTRACI PRICE <br />5.01 OWNER shall `pay CONTRACTOR.for completion of the Work in accordance with the <br />.Contract Documents, an�:a"riiount in current funds equal to the sum of the amounts <br />determined pursuant t6paragraph 5.01.A and summarized in paragraph 5.01.6, 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 />Numerical: Amount: $ <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 />00520 - Agreement (Public Works) REV 06-14 <br />00520-3 <br />F•1Publ1c Works\ENGINEERING DIVISION PROJECTS11139-CR 512 Wbnd Resurfacing -Roseland Rd to US 1SCOP11-Admin%Bid DocumentsWaster Contract <br />Documents100520 - Agreement (Public Works) REV 06-14.doc <br />P103 <br />