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4.02 Days to Achieve Substantial Completion, Final Completion and Final Payment <br />A. The Work will be substantially completed on or before the 365th calendar day after the <br />date when the Contract Times commence to run as provided in paragraph 2.03 of the <br />General Conditions, and completed and ready for final payment in accordance with <br />paragraph 14.07 of the General Conditions on or before the 395th 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 <br />specified in paragraph 4.02 above, plus any extensions thereof allowed in accordance with <br />Article 12 of the General Conditions. Liquidated damages will commence for this portion of <br />work. The parties also recognize the delays, expense, and difficulties involved in proving in <br />a legal proceeding the actual loss suffered by OWNER if the Work is not completed on <br />time. Accordingly, instead of requiring any such proof, OWNER and CONTRACTOR <br />agree that as liquidated damages for delay (but not as a penalty), CONTRACTOR shall <br />pay OWNER $3,645.00 for each calendar day that expires after the time specified in <br />paragraph 4.02 for Substantial Completion until the Work is substantially complete. After <br />Substantial Completion, if CONTRACTOR shall neglect, refuse, or fail to complete the <br />remaining Work within the Contract Time or any proper extension thereof granted by <br />OWNER, CONTRACTOR shall pay OWNER $3,645.00 for each calendar day that expires <br />after the time specified in paragraph 4.02 for completion and readiness for final payment <br />until the Work is completed and ready for final payment. <br />ARTICLE 5 - CONTRACT PRICE <br />5.01 OWNER shall pay CONTRACTOR for completion of the Work in accordance with the <br />Contract Documents, an amount in current funds equal to the sum of the amounts <br />determined pursuant to paragraph 5.01.A and summarized in paragraph 5.01.13, 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 />Numerical Amount: $ 7,330,842.90 <br />Written Amount: Seven million three hundred thirty-three thousand, eight hundred <br />forty-two dollars and ninety cents <br />ARTICLE 6 - PAYMENT PROCEDURES <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 />00520 - Agreement (Public Works) REV 06-14.doc <br />00520-3 <br />H:\Bids\2019-2020 FY (2020000)\2020021 58th Ave FDR\00520 - Agreement (Public Works) REV 06-14.doc <br />