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14.07 of the General Conditions on or before the 75th day after the date when the <br />Contract Times commence to run. <br />************************************************************************************************************ <br />4.03 Liquidated Damages <br />A. CONTRACTOR and OWNER recognize that time is of the essence of this Agreement and <br />that OWNER will suffer financial loss if the Work is not completed within the times <br />specified in paragraph 4.02 above, plus any extensions thereof allowed in accordance with <br />Article 12 of the General Conditions. Liquidated damages will com ''" ce for this portion of <br />work. The parties also recognize the delays, expense, and diffi "t t involved in proving in <br />a legal proceeding the actual loss suffered by OWNER if t 1,,,,-,' 'I ork is ncompleted on <br />time. Accordingly, instead of requiring any such proof, 4`` if ER a '� ONTRACTOR <br />agree that as liquidated damages for delay (but not as a pet �, ' TRACTQR shall <br />pay OWNER $758.00 for each calendar day that expires a "e time s ed in <br />paragraph 4.02 for Substantial Completion until t e Work is subst „ Ily com e. After <br />Substantial Completion, if CONTRACTOR shal lect, refuse, or "`,. mplete the <br />remaining Work within the Contract Time or an •.i* • r extension t'' •f granted by <br />OWNER, CONTRACTOR shall pay OW :.0 each cale r day that expires <br />after the time specified in paragraph 4 " . r co ° • etio . rea s s for final payment <br />until the Work is completed and read <br />ARTICLE 5 - CONTRACT PRICE <br />5.01 OWNER shall pay CONTRACT <br />Contract Documents, an amoun <br />determined pursuan , graph <br />n of the Work in accordance with the <br />equal to the sum of the amounts <br />rized in paragraph 5.01.B, below: <br />A. For all Work, at the price .: �' RA�aI`OR's Bid, attached hereto as an exhibit. <br />B. THE CONT <br />M subje additi•' s and deductions provided in the Contract: <br />Numerical <br />n Amo <br />ARTICL PAYME uE' ROCEDURES <br />6.01 Sub soap° rocessing of Payments <br />A. CONTRACTOR shall submit Applications for Payment in accordance with Article 14 <br />of the General Conditions. Applications for Payment will be processed by <br />ENGINEER as provided in the General Conditions and the Contract Documents. <br />6.02 Progress Payments. <br />A. The OWNER shall make progress payments to the CONTRACTOR on the basis of <br />the approved partial payment request as recommended by ENGINEER in <br />accordance with the provisions of the Local Government Prompt Payment Act, <br />Florida Statutes section 218.70 et. seq. The OWNER shall retain ten percent <br />00520 - Agreement (Public Works) FOR LAP PROJECTS ONLY <br />00520 3 <br />C:\UsersVnnixon\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content. Outlook\VARGF57U)00520 - Agreement (Public Works) FOR LAP PROJECTS <br />ONLY.doc <br />59 <br />