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A. The Work will be substantially completed on or before the 120 calendar day after the <br />date when the Contract Times commence to run as provided in the Notice to Proceed and <br />completed and ready for final payment in accordance with the Notice to Proceed on or before the <br />150 calendar day after the date 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 <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 />loss 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 $1,241.00 for each calendar day that expires after the <br />time specified in paragraph 3.02 for completion and readiness for final payment until 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 Work an amount in current funds equal to <br />the sum of the amounts determined pursuant to paragraph 4.01.A and summarized in paragraph <br />4.01.6, 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 Documents: <br />Numerical Amount: $ <br />Written Amount: <br />ARTICLE 5 - PAYMENT PROCEDURES <br />5.01 Pay Requests. <br />A. On a form provided by the OWNER, each request for a progress payment shall contain <br />the CONTRACTOR'S certification. All progress payments will be on the basis of progress <br />of the work measured by the schedule of values established, or in the case of unit price <br />work based on the number of units completed. After fifty percent (50%) completion, <br />and pursuant to Florida Statutes section 218.735(8)(d), the CONTRACTOR may submit a <br />pay request to the County as OWNER for up to one half (1/2) of the retainage held by <br />the County as OWNER, and the County as OWNER shall promptly make payment to the <br />31 <br />