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A. The Work will be fully completed (Final Completion) and ready for final payment in accordance with paragraph 14.07 of the General Conditions on or before the 45th day from the date the Contract Time commences as set forth in the Notice -to -Proceed (Section 05550). 4.3 Liquidated Damages A. CONTRACTOR and OWNER recognize that time is of the essence for this Agreement and that OWNER will suffer financial loss if the Work is not completed on or before the date specified in paragraph 4.02 above, plus any extensions thereof allowed in accordance with Article 12 of the General Conditions. The parties also recognize the delays, expense, and difficulties involved in proving in a legal proceeding 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 $300 for each calendar day that expires after the date specified in paragraph 4.02 for Final Completion, until the Work is finally complete and ready for final payment. ARTICLE 5 - CONTRACT PRICE 5.1 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 BASE CONTRACT SUM subject to additions and deductions provided in the Contract: Numerical Amount: $ 149.058 Written Amount: One hundred forty-nine thousand. fiftv-eight dollars ARTICLE 6 - PAYMENT PROCEDURES 6.1 Submittal and Processing of Payments A. CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the General Conditions. Applications for Payment will be processed by ENGINEER as provided in the General Conditions. 6.2 Progress Payments; Retainage A. OWNER shall make progress payments on account of the Contract Price on the basis of CONTRACTOR's Applications for Payment at intervals not less than once each month during performance of the Work as provided in paragraph 6.02.A.1 below. AH such payments will be measured by the schedule of values established in paragraph 2.07.A of the General Conditions (and in the case of Unit Price Work based on the number of units completed) or, in the event there is no schedule of values, as provided in the General Requirements: 00520 - Agreement 00520 - 2 F\Purchasing\Bids\2016-2017 FY (2017000)\2017049 Concrete Sawing PC Main Rebid\00520 - Agreement.doc Rev. 05/01