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the actual loss suffered by OWNER if the Work is not completed on time. Accordingly, <br />instead of requiring any such proof, OWNER and CONTRACTOR agree that as liquidated <br />damages for delay (but not as a penalty), CONTRACTOR shall pay OWNER $450 for each <br />calendar day that expires after the time specified in paragraph 3.02 for completion and <br />readiness for final payment until the Work is 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 <br />equal to the sum of the amounts determined pursuant to paragraph 4.01.A and <br />summarized in paragraph 4.01.13, 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 <br />Documents: <br />Numerical Amount: $208,100.00 <br />Written Amount: Two -hundred -eight thousand, one hundred dollars. <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 <br />with the provisions of the Local Government Prompt Payment Act, Florida Statutes <br />section 218.70 et. seq. The OWNER shall retain ten percent (10%) of the payment <br />amounts due to the CONTRACTOR until fifty percent (50%) completion of the work. <br />After fifty percent (50%) completion of the work is attained as certified to OWNER <br />by ENGINEER in writing, OWNER shall retain five percent (5%) of the payment <br />amount due to CONTRACTOR until final completion and acceptance of all work to be <br />performed by CONTRACTOR under the Contract Documents. Pursuant to Florida <br />Statutes section 218.735(8)(b), fifty percent (50%) completion means the point at <br />which the County as OWNER has expended fifty percent (50%) of the total cost of <br />the construction services work purchased under the Bid and Specification <br />Documents, together with all costs associated with existing change orders and other <br />additions or modifications to the construction services work provided under the <br />Contract Documents. <br />Page 2 of 9 <br />