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of the General Conditions on or before the 150th calendar day after the date when the <br />Contract 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 involved 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 />$1,197.00 for each calendar day that expires after the time specified in paragraph 4.02 for <br />Substantial Completion until the Work is substantially complete. After Substantial <br />Completion, if CONTRACTOR shall neglect, refuse, or fail to complete the remaining Work <br />within the Contract Time or any proper extension thereof granted by OWNER, <br />CONTRACTOR shall pay OWNER $1,197.00 for each calendar day that expires after the <br />time specified in paragraph 4.02 for completion and readiness for final payment until the <br />Work is completed and ready for final payment. <br />ARTICLE 5 - CONTRACT PRICE <br />5.01 OWNER shall pay CONTRACTOR for completion of the Work in accordance with the <br />Contract Documents, an amount in current funds equal to the sum of the amounts <br />determined pursuant to paragraph 5.01.A and summarized in paragraph 5.01.B, below: <br />A. For all Work, at the prices stated in CONTRACTOR's Bid, attached hereto as an exhibit. <br />B. THE CONTRACT SUM subject to additions and deductions provided in the Contract: <br />Numerical Amount: $ 839,764.59 <br />Written Amount: Eight hundred thirty nine thousand, seven hundred sixty four dollars <br />and fifty nine cents <br />ARTICLE 6 - PAYMENT PROCEDURES <br />6.01 Submittal and Processing of Payments <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 />Agreement (Public Works) REV 04-07 - 00520 - 3 <br />F:\Purchasin9\Bids\2021-2022 FY (2022000)\2022067 Dick Bird Park PicklebaII Courts -IRC-2204\IRC-2204_ AGREE_20220816.docx <br />