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items. 2. Perform all equipment start-ups and field testing. 3. Restore all disturbed areas to their pre -construction condition. 4. Correct all deficiencies noted by Engineer. Completion of all tasks outlined above (i.e., Subparagraphs a) and b) constitutes Substantial Completion. (c) From 300 calendar days to 330 calendar days from the effective date of Notice to Proceed, the CONTRACTOR shall complete the following tasks: 1. Clean up project area. 2. Remove all equipment and material from project site. 3. Perform contract closeout procedures. 4. Demobilize. 3.2 Completion of all tasks outlined above (i.e., Subparagraphs a, b, and c) constitute Final Completion. 3.3 Liquidated Damages. OWNER and CONTRACTOR 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 3.1 above, plus any extensions thereof allowed in accordance with Article 12 of the General Conditions. They 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 four -hundred and fifty dollars ($450.00) for each day that expires after the time specified in Paragraph 3.1 for 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 four -hundred and fifty dollars ($450.00) for each day that expires after the time specified in Paragraphs 3.1 and 3.2 for completion and readiness for final payment. 3.3.1 The CONTRACTOR and OWNER agree that OWNER is authorized to deduct all or any portion of the above -stated liquidated damages due to the Owner from payments due to the Contractor; or, in the alternative, all or any portion of the above -stated liquidated damages may be collected from the Contractor or its Surety or Sureties. These provisions for liquidated damages shall not prevent the OWNER, in case of the CONTRACTOR's default, from terminating the Contractor's right to proceed as provided in this AGREEMENT. 3.3.2 In addition to the above -stated liquidated damages, the CONTRACTOR shall be responsible for reimbursing OWNER to third party consultants in administering the Project beyond the Final Completion date specified in this Agreement, or beyond an approved extension of time granted to CONTRACTOR, whichever date is later. ARTICLE 4 CONTRACT PRICE 4.1 OWNER shall pay CONTRACTOR for completion of the work in accordance with the Contract Documents in current funds in the amount of $1,442,600.00 00530-2 IV