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A. There will be a milestone deadline for the substantial completion of Well N7 on or before the 120`h day after the date when the Contract Times commence to run. B. The Work will be substantially completed on or before the 2701h day after the date when the Contract Times commence to run. C. The Work will be finally completed and ready for final payment on or before the 300th day after the date when the Contract Times commence to run. 3.3 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 3.2 above, plus any extensions thereof allowed in writing as a change order to this Agreement. 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 $861.00 for each calendar day that expires after the time specified in paragraph 3.2 for substantial completion of the milestone deadline until the milestone is substantially complete, CONTRACTOR shall pay OWNER $861.00 for each calendar day that expires after the time specified In paragraph 3.2 for substantial completion until the Work is substantially complete, and CONTRACTORshall pay OWNER $1,148.00 for each calendar day that expires after the time specified in paragraph 3.2 for completion and readiness for final payment until the Work is completed and ready for final payment. ARTICLE 4 - CONTRACT PRICE 4.1 OWNER shall pay CONTRACTOR for completion of the Work an amount in current funds equal to the sum of the amounts determined pursuant to paragraph 4.1.A and summarized in paragraph 4.1.13, below: 1. A. For all Work, at the prices stated in CONTRACTOR's Schedule of Values, attached hereto as Exhibit B. THE CONTRACT SUM subject to additions and deductions provided in the Contract Documents: Numerical Amount: $ 992.100 Written Amount:. Nine hundred ninety-two thousand one hundred dollars ARTICLES- PAYMENT PROCEDURES 5.1 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 five percent (5%) of the payment amount due to CONTRACTOR