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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 as <br />a penalty), CONTRACTOR shall pay OWNER $958.00 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 is <br />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 />4.01.6, 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: <br />Written Amount: <br />ARTICLE 5 - PAYMENT PROCEDURES <br />5.01 Method of Payment <br />Owner shall make only one payment for the entire amount of the contract when the work has been <br />completed. Upon a determination of satisfactory completion, the COUNTY Project Manager will <br />authorize payment to be made. All payments for services shall be made to the CONTRACTOR by the <br />COUNTY in accordance with the Local Government Prompt Payment Act, as may be amended from time <br />to time (Section 218.70, Florida Statutes, et seq.). <br />5.02 Acceptance of Final Payment as Release <br />The acceptance by the CONTRACTOR of final payment shall be and shall operate as a release to the <br />OWNER from all claims and all liability to the CONTRACTOR other than claims in stated amounts <br />as may be specifically excepted by the CONTRACTOR for all things done or furnished in <br />connection with the work under this Agreement and for every act and neglect of the OWNER <br />and others relating to or arising out of the work. Any payment, however, final or otherwise, shall <br />not release the CONTRACTOR or its sureties from any obligations under this Agreement, the <br />Invitation to Bid or the Public Construction Bond. <br />43 <br />