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3.02 Days to Achieve Substantial Completion, Final Completion and Final Payment <br />A. The Work will be substantially completed on or before the 60 calendar day after the date when the <br />Contract Times commence to run as provided in the Notice to Proceed and completed and ready <br />for final payment in accordance with the Notice to Proceed on or before the 90 calendar day after <br />the date when the Contract Times commence to run. <br />3.03 Liquidated Damages <br />A. CONTRACTOR and OWNER recognize that time is of the essence of this Agreement and that OWNER <br />will suffer financial loss if the Work is not completed within the times specified in paragraph 3.02 <br />above, plus any extensions thereof allowed in writing as a change order to this Agreement. <br />Liquidated damages will commence for this portion of work. The parties also recognize the delays, <br />expense, and difficulties involved in proving in a legal proceedingthe actual loss suffered by OWNER <br />if the Work is not completed on time. Accordingly, instead of requiring any such proof, OWNER and <br />CONTRACTOR agree that as liquidated damages for delay (but not as a penalty), CONTRACTOR shall <br />pay OWNER $964.00 for each calendar day that expires after the time specified in paragraph 3.02 <br />for completion and readiness for final payment until the Work is completed and ready for final <br />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 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 et. <br />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 />C:\Users\legistar\AppData\Local\Temp\BCL Technologies\easyPDF 8\@BCL@940D13B4\@BCL@940D13B4.dOcx 76 <br />