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A. All time limits for Milestones, if any, Substantial Completion, and completion and readiness <br />for final payment as stated in the Contract Documents are of the essence of the Contract. <br />4.02 Days to Achieve Substantial Completion, Final Completion and Final Payment <br />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 1801hcalendar 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 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 commence for this portion of <br />work. The parties also recognize the delays, expense, and difficulties involved in proving in <br />a legal proceeding the actual loss suffered by OWNER if the Work is not completed on <br />time. Accordingly, instead of requiring any such proof, OWNER and CONTRACTOR <br />agree that as liquidated damages for delay (but not as a penalty), CONTRACTOR shall <br />pay OWNER $1,684.00 for each calendar day that expires after the time specified in <br />paragraph 4.02 for Substantial Completion until the Work is substantially complete. After <br />Substantial Completion, if CONTRACTOR shall neglect, refuse, or fail to complete the <br />remaining Work within the Contract Time or any proper extension thereof granted by <br />OWNER, CONTRACTOR shall pay OWNER $1,684.00 for each calendar day that expires <br />after the time specified in paragraph 4.02 for completion and readiness for final payment <br />until the Work is completed 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 5.01.8, below: <br />A. For all Work, at the prices stated in CONTRACTOR's Bid, attached hereto as an exhibit. <br />B. THE CONTRACT SUM subject to additions and deductions provided in the Contract: <br />Numerical Amount: $ 540.135.57 <br />Written Amount: Five Hundred Forty Thousand One Hundred Thirty -Five <br />Dollars and 57/100 <br />ARTICLE 6 - PAYMENT PROCEDURES <br />6.01 Submittal and Processing of Payments <br />00520 - Agreement (Public Works) FOR LAP PROJECTS ONLY.doc <br />00520-3 <br />F:\Purchasing\Bids\2017-2018 FY (2018000)\2018026 IRBlvd Sidewalks 37th to 53rd Sl\00520 - Agreement (Public Works) FOR LAP PROJECTS ONLY.doc <br />