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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 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 180th calendar day after the <br />date when the Contract Times commence to run. <br />wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwttw,twwwwwwwwwwwwwwwwwwwwwwwwwww,trtwwww*wwwww,ttwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww <br />4.03 Liquidated Damages <br />A. CONTRACTOR and OWNER recognize that time is of the essence bfihis 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 allovued in accordance with <br />Article 12 of the General Conditions. Liquidated damages will commence for,•this portion of <br />work. The parties also recognize the delays;,experise end difficulties invglved in proving in <br />a legal proceeding the actual loss suffered NER . if•: the Work is not completed on <br />time. Accordingly, instead of requiring,,any su6h;proof,`'6WNER, and CONTRACTOR <br />agree that as liquidated damages for delay (but not as a penalty);=:CONTRACTOR shall <br />pay OWNER $2,876.00 for each:`<calendar,day�jhat expires after the time specified in <br />paragraph 4.02 for Substantial Completion untilthe 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 in paragraph 4.02 for completion and readiness for final payment <br />until the Work is completed and ready for .final payment. <br />ARTICLE 5 -CONTRACT. PRICE <br />5.01 OWNER shall pay CONTRACTOR for completion of the Work in accordance with the <br />Contract Documents, an•�amount in current funds equal to the sum of the amounts <br />determined pursuant;to;paragraph 5.01.A and summarized in paragraph 5.01.13, 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 />PXPubllc Works\ENGINEERING DIVISION PROJECTS11139-CR 512 Wbnd Resurfacing -Roseland Rd to US 1SCOP11-Adminl8id DocumenlsWaster Contract <br />Documents100520 -Agreement (Public Works) REV 06-14.doe <br />P171 <br />