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A. CONTRACTOR and OWNER recognize that time is of the essence of this Agreement and that <br />OWNER will suffer financial loss if the Work is not completed within the times specified in <br />paragraph 3.02 above, plus any extensions thereof allowed in writing as a change order to this <br />Agreement. Liquidated damages will commence for this portion of work. The parties also <br />recognize the delays, expense, and difficulties involved in proving in a legal proceeding the actual <br />loss suffered by OWNER if the Work is not completed on time. Accordingly, instead of requiring <br />any such proof, OWNER and CONTRACTOR agree that as liquidated damages for delay (but not <br />as a penalty), CONTRACTOR shall pay OWNER $450 for each calendar day that expires after the <br />time specified in paragraph 3.02 for completion and readiness for final payment until the Work <br />is completed and ready for final payment. <br />ARTICLE 4 - CONTRACT PRICE <br />4.01 OWNER shall pay CONTRACTOR for completion of the Work an amount in current funds equal to <br />the sum of the amounts determined pursuant to paragraph 4.01.A and summarized in paragraph <br />4.01.B, 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 Documents: <br />Numerical Amount: $124,000.00 <br />Written Amount: One -hundred -twenty-four thousand dollars <br />ARTICLE 5 - PAYMENT PROCEDURES <br />5.01 Progress Payments. <br />A. The OWNER shall make progress payments to the CONTRACTOR on the basis of the <br />approved partial payment request as recommended by ENGINEER in accordance with the <br />provisions of the Local Government Prompt Payment Act, Florida Statutes section 218.70 <br />et. seq. The OWNER shall retain ten percent (10%) of the payment amounts due to the <br />CONTRACTOR until fifty percent (50%) completion of the work. After fifty percent (50%) <br />completion of the work is attained as certified to OWNER by ENGINEER in writing, OWNER <br />shall retain five percent (5%) of the payment amount due to CONTRACTOR until final <br />completion and acceptance of all work to be performed by CONTRACTOR under the <br />Contract Documents. Pursuant to Florida Statutes section 218.735(8)(b), fifty percent <br />(50%) completion means the point at which the County as OWNER has expended fifty <br />percent (50%) of the total cost of the construction services work purchased under the Bid <br />and Specification Documents, together with all costs associated with existing change <br />orders and other additions or modifications to the construction services work provided <br />under the Contract Documents. <br />Page 2 of 8 <br />