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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 />4.03 Liquidated Damages <br />A. CONTRACTOR and OWNER recognize that time is oft ence gkthis Agreement and <br />that OWNER will suffer financial loss if the Work is n m within the times <br />specified in paragraph 4.02 above, plus any ext sions there o ed in accordance with <br />Article 12 of the General Conditions. Liquidat a ages will co ence for t " portion of <br />work. The parties also recognize the delays, expe and difficulti olv proving in <br />a legal proceeding the actual loss Buff. Oif the Work mpleted on <br />time. Accordingly, instead of requi ' n pr ,OWNER an ONTRACTOR <br />agree that as liquidated damages f lay (bu t as alty) NTRACTOR shall <br />pay OWNER $1,584.00 for e h cal day t expir a time specified in <br />paragraph 4.02 for Substantial pletio I til ork is s ntially complete. After <br />Substantial Completion, if CO OR eglect, refuse, or fail to complete the <br />remaining Work within the Con c e or proper extension thereof granted by <br />OWNER, CONTRACTOR shall pa ti 1 0 for each calendar day that expires <br />after the time spe ' aragrap 02 omp i • and readiness for final payment <br />until the Work is co read r fina _ vment. <br />ARTICLE 5 - COAI�NPent, <br />5.01 OWNER sh RA for completion of the Work in accordance with the <br />Co tract Domou current funds equal to the sum of the amounts <br />� : ined pu h 5. f 1.A and summarized in paragraph 5.01.B, below: <br />A. V&r all Work, at thibes stated in CONTRACTOR's Bid, attached hereto as an exhibit. <br />B. TH>W01UMubject to additions and deductions provided in the Contract:: <br />Numerical <br />Written <br />ARTICLE 6 - PAYMENT PROCEDURES <br />@BCL@840EB062.doc <br />00520-3 <br />C:\UsersUegistar\AppData\Local\Temp\BCL Technologies\easyPDF 8\@BCL@840EB062\@BCL@840EB062.doc <br />P55 <br />