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3.03 Liquidated Damages <br />t <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 proceeding the actual <br />doss suffered by OWNER if the Work is'not completed on time. Accordingly, instead of requiring <br />any such proof, OWNER and CONTRACTOR agree that as liquidated damages for delay (but not as <br />a. penalty), CONTRACTOR shall pay OWNER $956.00.for each calendar day that expires after the <br />time specified in paragraph 3.02 for completion and read inessJorl„final payment until the Work is <br />`Fi N <br />completed and ready for final payment.. <br />ARTICLE 4 - CONTRACT PRICE' <br />4.01 OWNER shall pay CONTRACTOR <br />{for completion <offthe Work an.amount in Curr, - 6nds.equal to <br />! . \S f ` � fit Aft '1 - . <br />the sum of the amounts, determined pursuant tb�paragraph 4.01.A and summa zed�in paragraph <br />4.01.6, below: `4� <br />� u:< <br />A. For all Work; at the prices <br />B. .THE CONTRACT SUM subj <br />Numerical Amount: $ <br />Written Amou,t. <br />ARTICLE 5 - PAYMENTxP,.ROCEDUI <br />5.01 s Fav R11 <br />n exhibit. <br />Contract Documents: <br />R.. <br />(make progress payments..to the CONTRACTOR on the basis of the <br />iay'•ment request as recommended by ENGINEER in accordance with the <br />ocal Government Prompt Payment Act, Florida Statutes section.218.70 <br />ER shall retain. ten percent (10%) of the payment amounts due to the <br />it fifty percent (50%) completion of the work. After fifty percent (50%) <br />work is attained as certified to OWNER by ENGINEER in writing, OWNER <br />shall retain five percent (5%) of the payment amount .due to CONTRACTOR until final <br />completion and acceptance of all workto 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 />135 <br />