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3.2 Liquidated Damages. OWNER and CO T ACrMR recognize that <br />time is of the essence of this Agreement and that OWNER will <br />Buffer financial loss if the work is not completed within the <br />times specified in Paragraph 3.1 above, plus any extensions <br />thereof allowed in accordance with Article 12 of the General <br />Conditions. They also recognize the delays, expense and <br />difficulties involved in proving in a legal or arbitration <br />proceeding the actual loss suffered by OWNER if the work is <br />not completed on time. Accordingly, instead of requiring any <br />such proof, OWNER and CONMACMR agree that as liquidated <br />damages for delay (but not as a penalty) CONTRACTOR shall ,pay <br />OWNER four -hundred and fifty dollars 1$454.00} for each day <br />that expires after the time specified in Paragraph 3.1 for <br />Substantial Completion, it COlw1'TRAC70P shall neglect, refuse or <br />fail to complete the remaining work within the Contract Time <br />or any proper extension thereof granter! by OWNER. MIIRACTOR <br />shall pay OWNER four -hundred and fifty dollars ($450.001 for <br />each day that expires after the time specified in Paragraph <br />3.1 foz- romrpletion and readiness for final payrwnt. <br />Article 4. CONTRACT CSR 1 CE . <br />4.1 OWNER shall pay CGOMItAC'1OR for completion of the work in <br />accordance with the Contract Documents in current funds in the <br />amount of $2,7,92,07_16. <br />Article S. PAYMENT PROMURES . <br />CY)N'iRA(7MR shall submit Applications for Payment in accordance <br />with Article 14 of the General Conditions. Applications for <br />Payment will be processed by ENGINEER as provided in the <br />General Conditions. <br />5.1 Progress Payments. OWNER shall make progress payments on <br />account of the Contract Price on the basis of CON'iRACTOR's <br />Applications for Payment as recommended by ENGINEER, on or <br />about the 30th day of each month during construction as <br />provided below. All progress paynents will be on the basis of <br />the progress of the work measured by the schedule of values <br />established in Paragraph 2.9 of the General Conditions (and in <br />the case of Unit Price Work based on the number of units <br />completed), or, in the event there is no schedule of values, <br />as provided in the General Requirements. <br />PA -3 <br />