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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 290th calendar 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 thereofallowed 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,O�W,NEWand CONTRACTOR <br />agree that as liquidated damages for delay (but not as a penalty),ZCONTRACTOR shall <br />pay OWNER $1,665.00 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 ,failwto�complete the <br />remaining Work within the Contract/Time-or,�ny proper,\�xtension thereof granted by <br />OWNER, CONTRACTOR shall pay OWNER $1,665.00 for each calendar day that expires <br />after the time specified in paragraph 4M\for completion and readiness for final payment <br />until the Work is completed and ready for`final,payment., <br />5.01 OWNER shall pay`CONTRACTOR ,for completion of the Work in accordance with the <br />Contract Documents`a\\amount.in1current funds equal to the sum of the amounts <br />determined pursuant to paragraph -5.0'1 rA and summarized in paragraph 5.01.13, below: <br />A. For all Work;�t'th ej <br />B.T E CONTRACT` <br />Numerical Amou <br />Written Amount: <br />1 <br />1 { <br />�J <br />ARTICLE 6 - PAYMENT PROCEDURES <br />6.01 Submittal and Processing of Payments <br />'s Bid, attached hereto as an exhibit. <br />and deductions provided in the Contract: <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 />@BCL@6COD3FB8" <br />00520-3 <br />C:\UsersVegistaMppData\Local\Temp\BCL Technologies\easyPDF 8\@BCL@6COD3FB8\@BCL@6COD3FB8.doc <br />