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Conditions, and completed and ready for final payment in accordance with paragraph 14.07 of the General Conditions on or before the 90 calendar day after the date when the Contract Times commence to run. 4.03 Liquidated Damages A. CONTRACTOR and OWNER recognize that time is of the essence of this Agreement and that OWNER will suffer financial loss if the Work is not completed within the times specified in paragraph 4.02 above, plus any extensions thereof allowed in accordance with Article 12 of the General Conditions. Liquidated damages will commence for this portion of work. The parties also recognize the delays, expense, and difficulties involved in proving in a legal proceeding the actual loss suffered by OWNER if the Work/is not completed on time. Accordingly, instead of requiring any such proof, OWNER and CONTRACTOR agree that as liquidated damages for delay (but not as a penalty), CONTRACTOR/shall pay OWNER $1,170.00 for each calendar day that expires after the time specifiedJn paragraph,4.02 for Substantial Completion until the Work is substantially complete:' After Substantial Completion, if CONTRACTOR shall neglect, refuse, or fail to complete the remaining Work within the Contract Time or any proper extension thereof granted`/by/ OWNER, CONTRACTOR shall pay OWNER $1,170.00_ for each calendar day that;expires after the time specified in paragraph 4.02 for completion -and readiness for final payment until the Work is completed and ready for final payment.` ARTICLE 5 - CONTRACT PRICE 5.01 OWNER shall pay CONTRACTOR for completion of the Work in accordance with the Contract Documents, an amounCin` curren'tunds equal to the sum of the amounts determined pursuant to_paragraph',5. 1�A�and summarized in paragraph 5.01.13, below: A. For all Work, at the pricesstated.i` ONTRACTOR's Bid, attached hereto as an exhibit. B. THE CONTRACT SUM subj e�t to additions and deductions provided in the Contract: Numerical,Amount:'$-_' \ \ -Written Amount;,/ _~ 6.01 Submittal and Processing of Payments A. CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the General Conditions. Applications for Payment will be processed by ENGINEER as provided in the General Conditions and the Contract Documents. 6.02 Progress Payments. A. The OWNER shall make progress payments to the CONTRACTOR on the basis of the approved partial payment request as recommended by ENGINEER in accordance with the provisions of the Local Government Prompt Payment Act, Florida Statutes section 218.70 et. seq. The OWNER shall retain ten percent (10%) of the payment amounts due to the CONTRACTOR until fifty percent (50%)