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3.03 Liquidated Damages <br /> A. CONTRACTOR and OWNER recognize that time is of the essence of this Agreement and that <br /> OWNER will suffer financial loss if the Work is not completed within the times specified in <br /> paragraph 3.02 above, plus any extensions thereof allowed in writing as a change order to this <br /> Agreement. Liquidated damages will commence for this portion of work. The parties also <br /> recognize the delays, expense, and difficulties involved in proving in a legal pr feding the actual <br /> loss suffered by OWNER if the Work is not completed on time. According) instead of requiring <br /> any such proof, OWNER and CONTRACTOR agree that as liquidated dama ,for delay(pia snot as <br /> a penalty), CONTRACTOR shall pay OWNER $964.00 for each calendar day'that expiresafter the <br /> time specified in paragraph 3.02 for completion and readiness for final paymentakl the Work is <br /> completed and ready for final payment. <br /> ARTICLE 4-CONTRACT PRICE <br /> 4.01 OWNER shall pay CONTRACTOR for completion of the Wo�rk an amount in currentyft,ds equal to <br /> the sum of the amounts determined pursuant to paragraph 4.011..A and summa•ized'in paragraph <br /> 4.01.B, below: <br /> ) ) <br /> A. For all Work,at the prices stated in C/O�NTRA_ OR, s Bid,attached hereto as n exhibit. <br /> B. THE CONTRACT SUM subject to additions and deductions provided in the Contract Documents: <br /> Numerical Amount:$ \\\\ \\ <br /> Written Amount: -.... \\\I\ .\2 <br /> \\- \\ ‘\) <br /> ARTICLE 5-PAYMENT.PR GEDURES <br /> 5.01 Progress Payments. <br /> 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 /> CA. <br /> provisions of the Local Government Prompt Payment Act, Florida Statutes section 218.70 <br /> e seq.The\OWNER shall retain ten percent (10%) of the payment amounts due to the <br /> CONTACTOR until fifty percent (50%) completion of the work. After fifty percent (50%) <br /> com "ltet on of the work is attained as certified to OWNER by ENGINEER in writing, OWNER <br /> sF I,retain five percent (5%) of the payment amount due to CONTRACTOR until final <br /> completion and acceptance of all work to be performed by CONTRACTOR under the <br /> 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 <br /> percent (50%) of the total cost of the construction services work purchased under the Bid <br /> and Specification Documents, together with all costs associated with existing change <br /> orders and other additions or modifications to the construction services work provided <br /> under the Contract Documents. <br /> 25 <br />