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A. The Work will be substantially completed on or before the 60 calendar day after the date <br />when the Contract Times commence to run as provided in paragraph 2.03 of the General <br />Conditions, and completed and ready for final payment in accordance with paragraph 14.07 <br />of the General Conditions on or before the 90 calendar day after the date when the Contract <br />Times commence to run. <br />4.03 Liquidated Damages <br />A. CONTRACTOR and OWNER recognize that time is of the essence of this Agreement and <br />that OWNER will suffer financial loss if the Work is not completed within'the times specified <br />in paragraph 4.02 above, plus any extensions thereof allowed in,accordance with Article 12 <br />of the General Conditions. Liquidated damages will commence for this portion of work. The <br />parties also recognize the delays, expense, and difficulties,mvolved in proving in a legal <br />proceeding the actual loss suffered by OWNER if the Work<is ,not completed on time. <br />Accordingly, instead of requiring any such proof, OWNER and CONTRACTOR agree that <br />as liquidated damages for delay (but not as a penalty), CONTRACTOR shall pay OWNER <br />$1,170.00 for each calendar day that expires after4he time specified in paragraph 4.02 for <br />Substantial Completion until the Work—is-substantially complet er/Substantial <br />Completion, if CONTRACTOR shall neglect; refuse, or-faihto complete the remaining Work <br />within the Contract Time or any proper extension�hereof granted by OWNER, <br />CONTRACTOR shall pay OWNER $1170,00 for each calendar�,day�that expires after the <br />time specified in paragraph 4.02 for completion and readiness forfinal payment until the <br />Work is completed and ready for fnal,paymenti / <br />ARTICLE 5 - CONTRACT PRICE <br />5.01 OWNER shall pay\CONTRACTOR\ <br />Contract Documents, an amount in <br />determined,pursuant to paragraph`5.0 <br />A. For all Work. at -the prices stated'in C( <br />B. THE,CONTRACT SUM'subiect to <br />Numerical <br />_----------- <br />ARTICLE 6 - PAYMENT�PROCEDURES <br />6.01 Submittal and Processing of Payments <br />Uthe Work in accordance with the <br />equal to the sum of the amounts <br />rized in paragraph 5.01.13, below: <br />R's Bid, attached hereto as an exhibit. <br />and deductions provided in the Contract: <br />A. CONTRACTOR shall submit Applications for Payment in accordance with Article <br />14 of the General Conditions. Applications for Payment will be processed by <br />ENGINEER as provided in the General Conditions and the Contract Documents. <br />6.02 Progress Payments. <br />A. The OWNER shall make progress payments to the CONTRACTOR on the basis <br />of the approved partial payment request as recommended by ENGINEER in <br />27 <br />