Laserfiche WebLink
General Conditions, and completed and ready for final payment in accordance with <br />paragraph 14.07 of the General Conditions on or before the 180TH 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 specified <br />in paragraph 4.02 above, plus any extensions thereof allowed in accordance with Article <br />12 of the General Conditions. Liquidated damages will commence for this portion of work. <br />The parties also recognize the delays, expense, and difficulties involved in proving in a <br />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 <br />as liquidated damages for delay (but not as a penalty), CONTRACTOR shall pay OWNER <br />$1,241.00 for each .calendar day that expires afte�the time specified in paragraph 4.02 for <br />Substantial Completion until the Work is substantially complete\After Substantial <br />Completion, if CONTRACTOR shall neglect; refuse�or fail to complete the%emaining Work <br />within the Contract Time or any proper extension\thereof granted/by OWNER, <br />CONTRACTOR shall pay OWNER 1 2;41.00 or each calendar day that expires after the <br />time specified in paragraph 4.02 for completion and readiness for final payment until the <br />6.01 Submittal and Processing of Payments <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 />A. The OWNER shall make progress payments to the CONTRACTOR on the basis of <br />the approved partial payment request as recommended by ENGINEER in <br />accordance with the provisions of the Local Government Prompt Payment Act, <br />Florida Statutes section 218.70 et. seq. The OWNER shall retain ten percent <br />94 <br />