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General Conditions, and completed and ready for final payment in accordance with <br />paragraph 14.07 of the General Conditions on or before the 150 calendar day after <br />the 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 150 <br />calendar day after the date when the Contract Times commence to 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 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,dam�ages 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-,OWN.ER if the Work�is not completed on <br />time. Accordingly, instead of requinng,any-such proof,\OWNER and. -CONTRACTOR <br />agree that as liquidated damages for delay (but,,ni'8t as a,p Ity),�/C_ONTRACTOR shall <br />pay OWNER F_$ 1665.00 for each calendar day that expires after the time specified in <br />paragraph 4.02 for Substantial Completion�uuntil,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 1665.0 for each calendar day that <br />expires after the time specified in parag ap\4.02 for completion and readiness for final <br />payment until the Work6s completed'and ready for final payment. <br />rirl F 5 - rnK1TPArT PRIC . <br />5.01 OWNER shall\pay CONTRACTOR for completion of the Work in accordance with the <br />Contract Documents;,a�amountin current funds equal to the sum of the amounts <br />'.d�tmined pugs \ant to,para`5V .A and summarized in paragraph 5.01.13, below: <br />J <br />A.�,,For all Work, at the prices stated in CONTRACTOR's Bid, attached hereto as an exhibit. <br />B. THE-CONTRAC`T\SU `subject to additions and deductions provided in the Contract:: <br />Numerical Amount: <br />ount: $ <br />Written Amount: <br />ARTICLE 6 - PAYMENT PROCEDURES <br />6.01 Submittal and Processing 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 />@BCL@940DD911 <br />00520-3 <br />C:\UsersVegistar\AppData\Local\Temp\BCL Technologies\easyPDF 8\@BCL@940DD917\@BCL@94ODD917.doc <br />