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4.03 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 $2,811.001 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 5.01 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 CONTRACT SUM subject to additions and deductions provided in the Contract: Numerical Amount: $ 7,436,921.35 Written Amount: SEVEN MILLION FOUR HUNDRED THIRTY-SIX THOUSAND NINE HUNDRED TWENTY-ONE AND 35/100 DOLLARS ARTICLE 6 -PAYMENT PROCEDURES 6.01 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. 6.02 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. All 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: 1 Reference for liquidated damages amount: "Standard Specifications for Road and Bridge Construction", Florida Department of Transportation, July 2017, Section 8-10.2, page 93,for projects of$2,500,000 but less than $5,000,000. The actual liquidated damages amount will be based on the actual contract award amount and determined using the referenced Florida Department of Transportation criteria. 00520-Agreement-ADDENDUM 1 00520-2 F\Purchasing\Bids\2016-2017 FY(2017000)\2017051 Osprey Acres Stormwater Park\00520-Agreement-ADDENDUM 1 doc Rev 05/01