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A. There will be a milestone deadline for the substantial completion of Well N7 on or before the <br />120`h day after the date when the Contract Times commence to run. <br />B. The Work will be substantially completed on or before the 270`h day after the date when the <br />Contract Times commence to run. <br />C. The Work will be finally completed and ready for final payment on or before the 300th day after the <br />date when the Contract Times commence to run. <br />3.3 Liquidated Damages <br />A. CONTRACTOR and OWNER recognize that time is of the essence of this Agreement and that OWNER <br />will suffer financial loss if the Work is not completed within the times specified in paragraph 3.2 <br />above, plus any extensions thereof allowed in writing as a change order to this Agreement. <br />Liquidated damages will commence for this portion of work. The parties also recognize the delays, <br />expense, and difficulties involved in proving in a legal proceeding the actual loss suffered by OWNER <br />if the Work is not completed on time. Accordingly, instead of requiring any such proof, OWNER and <br />CONTRACTOR agree that as liquidated damages for delay (but not as a penalty), CONTRACTOR shall <br />pay OWNER $861.00 for each calendar day that expires after the time specified in paragraph 3.2 for <br />substantial completion of the milestone deadline until the milestone is substantially complete, <br />CONTRACTOR shall pay OWNER $861.00 for each calendar day that expires after the time specified <br />in paragraph 3.2 for substantial completion until the Work is substantially complete, and <br />CONTRACTORshall pay OWNER $1,148.00 for each calendar day that expires after the time specified <br />in paragraph 3.2 for completion and readiness for final payment until the Work is completed and <br />ready for final payment. <br />ARTICLE 4 - CONTRACT PRICE <br />4.1 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 4.1.A and summarized in paragraph <br />4.1.6, below: <br />1. <br />A. For all Work, at the prices stated in CONTRACTOR's Schedule of Values, attached hereto as Exhibit <br />B. THE CONTRACT SUM subject to additions and deductions provided in the Contract Documents: <br />Numerical Amount: $ 992,100 <br />Written Amount:. _Nine hundred ninety-two thousand one hundred dollars <br />ARTICLE 5 - PAYMENT PROCEDURES <br />5.1 Progress Payments. <br />A, The OWNER shall make progress payments to the CONTRACTOR on the basis of the <br />approved partial payment request as recommended by ENGINEER in accordance with the <br />provisions of the Local Government Prompt Payment Act, Florida Statutes section 218.70 et. <br />seq. The OWNER shall retain five percent (5%) of the payment amount due to CONTRACTOR <br />