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Project Address: 5235 41st St # A, Vero Beach, FL 32967 <br />ARTICLE 3 - CONTRACT TIMES <br />3.01 Time of the Essence <br />A. All time limits for Milestones, if any, Substantial Completion, and completion and readiness for final <br />payment as stated in the specifications are of the essence of the Agreement. <br />3.02 Days to Achieve Substantial Completion, Final Completion and Final Payment <br />A. The Work will be substantially completed on or before the 901h calendar day after the date when the <br />Contract Times commence to run as provided in the Notice to Proceed and completed and ready for final <br />payment in accordance with the Notice to Proceed on or before the 120" calendar day after the date <br />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 OWNER will <br />suffer financial loss if the Work is not completed within the times specified in paragraph 3.02 above, plus <br />any extensions thereof allowed in writing as a change order to this Agreement. Liquidated damages will <br />commence for this portion of work. The parties also recognize the delays, expense, and difficulties <br />involved in proving in a legal proceeding the actual loss suffered by OWNER if the Work is not completed <br />on time. Accordingly, instead of requiring any such proof, OWNER and CONTRACTOR agree that as <br />liquidated damages for delay (but not as a penalty), CONTRACTOR shall pay OWNER $1,405.00 for each <br />calendar day that expires after the time specified in paragraph 3.02 for completion and readiness for final <br />payment until the Work is 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 the sum <br />of the amounts determined pursuant to paragraph 4.01.A and summarized in paragraph 4.01.B, below: <br />A. For all Work, at the prices stated in CONTRACTOR's Bid, attached hereto as Exhibit 1. <br />B. THE CONTRACT SUM subject to additions and deductions provided in the Contract Documents: <br />Numerical Amount: $ 128,004.22 <br />Written Amount: One hundred twenty-eight thousand four dollars and twenty-two cents <br />ARTICLE 5 - PAYMENT PROCEDURES <br />5.01 Progress Payments. <br />