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Agreement <br />THIS AGREEMENT is by and between INDIAN RIVER COUNTY, a Political Subdivision of the State of Florida <br />organized and existing under the Laws of the State of Florida, (hereinafter called OWNER) and South Florida <br />Building, Inc. (hereinafter called CONTRACTOR). OWNER and CONTRACTOR, in consideration of the mutual <br />covenants hereinafter set forth, agree as follows: <br />ARTICLE 1- WORK <br />CONTRACTOR shall complete all Work as specified or indicated in the Contract Documents. The Work is <br />generally described as follows: <br />Demolition of 1200 37th Street <br />ARTICLE 2 - THE PROJECT <br />The Project for which the Work under the Contract Documents may be the whole or only a part is generally <br />described as follows: <br />Project Name: Demolition of 37' Street <br />Bid Number: 2020026 <br />Project Address: 1200 37th Street, Vero Beach <br />ARTICLE 3 -CONTRACT TIMES <br />3.01 Time of the Essence <br />A. All time limits for Milestones, if any, Substantial Completion, and completion and readiness for final <br />payment as stated in the specifications are of the essence of the Agreement. <br />3.02 Days to Achieve Substantial Completion, Final Completion and Final Payment <br />A. The Work will be completed and ready for final payment on or before the 60th day after the date <br />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 proceeding the 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 $388.00 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 />Page 1 of 8 <br />