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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 />B. 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 150th <br />,4h. <br />calendar day after the date when the Contract Times commence. a run as provided in <br />paragraph 2.03 of the General Conditions. <br />4.03 Liquidated Damages <br />A. CONTRACTOR and OWNER recognize that time bkof the essence o bis . {''{ ment and <br />that OWNER will suffer financial loss if the Wort, not completed,,{tin the times <br />specified in paragraph 4.02 above plus an/8/d"'PI <br />ra loris` l greof allowed,in accordance with <br />Article 12 of the General Conditions. Liq . i. d�`.age 11 comme�ae for this portion of <br />i w <br />work. The parties also recognize thed Sys, expense, ands � involved in proving in <br />a legal proceeding the actual loss sftar d by OVVh if th brk is not completed on <br />time. Accordingly, instead of,r quirin� fita AN proof, OWNER and CONTRACTOR <br />/Jird '//% <br />agree that as liquidated damag.; del`aifdt not as a penalty), CONTRACTOR shall <br />pay OWNER 1 099.00 for ea dar clay. that expires after the time specified in <br />l/r <br />paragraph 4.02 for Substantial Com t#untillf{ Work is substantially complete. After <br />Substantial CompletigANN CONTR�?CT' all n lect refuse or fail to complete the <br />ai//i/,, �, , <br />remaining Work wittiir�heantraci�me eaf ny proper extension thereof granted by <br />OWNER, CONTRACT Oi aIVV11, /��WNER "099.00 for each calendar day that expires <br />after the time specified in 6%g�rap ,%� for completion and readiness for final payment <br />until the Wo : y� �orra.pleted air h ady incl payment. <br />5.01 4.01 <br />OWNER" shall pay , ONTRACTOR for completion of the Work in accordance with the <br />%f 6tract Docume k an amount in current funds equal to the sum of the amounts <br />determi9fe , iif suantAi . paragraph 5.01.A and summarized in paragraph 5.01.B, below: <br />A. Fo'f'ail Work, at tti'e prices stated in CONTRACTOR's Bid, attached hereto as an exhibit. <br />,.,,>, <br />B. THE G. i BRACT SUM subject to additions and deductions provided in the Contract:: <br />Numerical Amount: $ 354,250.00 <br />Written Amount: Three Hundred Fifty -Four Thousand, Two Hundred Fiftv <br />Dollars <br />ARTICLE 6 - PAYMENT PROCEDURES <br />@BCL@D405FE1F <br />00520-3 <br />C:\USerskGRANIC-1\AppData\Local\Temp\BCL Technologies\easyPDF 7\@BCL@D405FE 1 F\@BCL@D405FE 1 F.doc <br />P55 <br />