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Agreement <br />THIS AGREEMENT is by and between INDIAN RIVER COUNTY, a Political Subdivision of the State of Florida <br />organized and existing under the Laws of the State of Florida, (hereinafter called OWNER) and Island Harbor <br />Custom Builders (hereinafter called CONTRACTOR). OWNER and CONTRACTOR, in consideration of the <br />mutual covenants hereinafter set forth, agree as follows: <br />ARTICLE 1- WORK <br />CONTRACTOR shall complete all Work as specified or indicated in the Contract Documents. The Work is <br />generally described as follows: <br />Repairs to three dune crossovers at Tracking Station Beachfront Park, damaged during Hurricanes <br />Ian and Nicole. <br />ARTICLE 2 - THE PROJECT <br />The Project for which the Work under the Contract Documents may be the whole or only a part is generally <br />described as follows: <br />Project Name: Tracking Station Beachfront Park Dune Crossover <br />Bid Number: 2024026 <br />Project Address: 800 46`h PL, Vero Beach, FL 32963 <br />ARTICLE 3 - CONTRACT TIMES <br />3.01 Time of the Essence <br />All time limits for Milestones, if any, Substantial Completion, and completion and readiness forfinal payment <br />as stated in the specifications are of the essence of the Agreement. <br />3.02 Days to Achieve Substantial Completion, Final Completion and Final Payment <br />Contract Times for boardwalk construction will commence November 1, 2024. Demolition of the southern <br />crossing, and receipt of permits must be completed prior to this date. The CONTRACTOR shall achieve <br />Substantial Completion on or before the 45`h day after the date the contract times commence to run. The <br />Work will be completed and ready for final payment on or before the 75th day after the date when the <br />Contract Times commence to run. <br />3.03 Liquidated Damages <br />CONTRACTOR and OWNER recognize that time is of the essence of this Agreement and that OWNER will <br />suffer financial loss if the Work is not completed within the times specified in paragraph 3.02 above, plus <br />any extensions thereof allowed in writing as a change order to this Agreement. Liquidated damages will <br />commence for this portion of work. The parties also recognize the delays, expense, and difficulties involved <br />in proving in a legal 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 as liquidated <br />92 <br />