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A. The Work will be fully completed (Final Completion) and ready for final payment in <br />accordance with paragraph 14.07 of the General Conditions on or before the 45"' day from <br />the date the Contract Time commences as set forth in the Notice -to -Proceed (Section <br />05550). <br />4.03 Liquidated Damages <br />A. CONTRACTOR and OWNER recognize that time is of the essence for this Agreement <br />and that OWNER will suffer financial loss if the Work is not completed on or before the <br />date specified in paragraph 4.02 above, plus any extensions thereof allowed in <br />accordance with Article 12 of the General Conditions. The parties also recognize the <br />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 <br />requiring any such proof, OWNER and CONTRACTOR agree that as liquidated damages <br />for delay (but not as a penalty), CONTRACTOR shall pay OWNER $300 for each calendar <br />day that expires after the date specified in paragraph 4.02 for Final Completion, until the <br />Work is finally complete 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 BASE CONTRACT SUM subject to additions and deductions provided in the <br />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 of the <br />General Conditions. Applications for Payment will be processed by ENGINEER as <br />provided in the General Conditions. <br />6.02 Progress Payments, Retainage <br />A. OWNER shall make progress payments on account of the Contract Price on the basis of <br />CONTRACTOR's Applications for Payment at intervals not less than once each month <br />during performance of the Work as provided in paragraph 6.02.A.1 below. All such <br />payments will be measured by the schedule of values established in paragraph 2.07.A of <br />the General Conditions (and in the case of Unit Price Work based on the number of units <br />completed) or, in the event there is no schedule of values, as provided in the General <br />Requirements: <br />SAMPLE - 00520 - Agreement <br />P76 <br />