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IRC -2112 A. The Work will be substantially completed on or before the main part of sea turtle nesting season begins in the County on April 30th, 2022 as provided in paragraph 2.03 of the General Conditions, and completed and ready for final payment in accordance with paragraph 14.07 of the General Conditions on or before the date when the Contract Times commence to run. Substantial completion is defined as completion of the heavy equipment portion of the project on the beach, meaning sand hauling processing, testing, compaction, placement and grading. Heavy equipment work will not be allowed on the beach after April 30th, but dune vegetation planting will be allowed (please refer to FDEP permit and CONTRACT Technical Specifications for permit allowed working dates). Heavy equipment work not completed by April 30, 2022 will need to cease and all equipment removed from the beach and CONTRACTOR will not be allowed to perform Beach Nourishment activities again until after the sea turtle nesting season ends on October 31, 2022. 4.03 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 4.02 above, plus any extensions thereof allowed in accordance with Article 12 of the General Conditions. Liquidated damages will commence for this portion of work on November 1, 2022, which excludes the time CONTRATOR is not allowed to work based on sea turtle nesting season as identified in FDEP Permit. 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 $1,045.00 for each calendar day that expires after the time specified in paragraph 4.02 for Substantial Completion (excluding the period between May 1 and October 31, 2022) until the Work is substantially complete. After 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 $1,045.00 for each calendar day that expires after the time specified in paragraph 4.02 (excluding the period between May 1 and October 31, 2022) for completion and readiness for final payment until the Work is completed and ready for final payment. In the event the CONTRACTOR fails to substantially complete the project by April 30, 2022 and must return to substantially complete the Project after October 31, 2022, the CONTRACTOR shall not be compensated for any remobilization or demobilization costs. ARTICLE 5 - CONTRACT PRICE 5.01 OWNER shall pay CONTRACTOR for completion of the Work in accordance with the Contract Documents, an amount in current funds equal to the sum of the amounts determined pursuant to paragraph 5.01.A and summarized in paragraph 5.01.13, below: A. For all Work, at the prices stated in CONTRACTOR's Bid, attached hereto as an exhibit. B. THE CONTRACT SUM subject to additions and deductions provided in the Contract: Numerical Amount:$ 148,250.00 Written Amount: One hundred forty-eight thousand two hundred fifty dollars Agreement (Public Works) REV 04-07 - 00520 - 3