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Bid No. 2019031/IRC-1802 <br />3.3 Liquidated Damages <br />A. CONTRACTOR and OWNER recognize that time is of the essence of this Agreement and that OWNER will <br />suffer financial loss if the Work is not completed within the times specified in paragraph 3.02 above, plus <br />any extensions thereof allowed in writing as a change order to this Agreement. Liquidated damages will <br />commence for this portion of work. The parties also recognize the delays, expense, and difficulties involved <br />in proving in a legal proceeding the actual loss suffered by OWNER if the Work is not completed on time. <br />Accordingly, instead of requiring any such proof, OWNER and CONTRACTOR agree that as liquidated damages <br />for delay (but not as a penalty), CONTRACTOR shall pay OWNER $964.00 for each calendar day that expires <br />after the 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 />4.1 OWNER shall pay CONTRACTOR for completion of the Work an amount in current funds equal to the sum <br />of the amounts determined pursuant to paragraph 4.01.A and summarized in paragraph 4.01.B, below: <br />A. Fro all Work, at the prices stated in CONTRACTOR'S Bid, attached hereto as an exhibit. <br />t� <br />B. THE CONTRACT SU,M subject to additions and deductions provided in the Contract Documents: <br />, , f' ; <br />N. umericallAmount: $, 3 \ \ 1 <br />Written Amount:- - 1 I ! \, 1 ' I <br />�`'\ 'I \ f <br />/ t , r t <br />\ I 1 S <br />'L. L J \J 1-- U ---- -I <br />ARTICLE 5 - PAYMENT PROCEDURES <br />5.1 Progress Payments. <br />A. The OWNER shall make progress payments to the CONTRACTOR on the basis of the approved partial <br />payment request as recommended by ENGINEER in accordance with the provisions of the Local <br />Government Prompt Payment Act, Florida Statutes section 218.70 et. seq. The OWNER shall retain <br />ten percent (10%) of the payment amounts due to the CONTRACTOR until fifty percent (50%) <br />completion of the work. After fifty percent (50%) completion of the work is. attained as certified to <br />OWNER by ENGINEER in writing, OWNER shall retain five percent (5%) of the payment amount due <br />to CONTRACTOR until final completion and acceptance of all work to be performed by CONTRACTOR <br />under the 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 percent (50%) <br />of the total cost of the construction services work purchased under the Bid and Specification <br />Documents, together with all costs associated with existing change orders and other additions or <br />modifications to the construction services work provided under the Contract Documents. <br />Page 25 of 34 <br />40 <br />