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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 <br />(hereinafter called CONTRACTOR). OWNER and CONTRACTOR, in consideration of the mutual covenants <br />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 />Fairgrounds AG Pavilion Roof Coating <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: Fairgrounds AG Pavilion Roof Coating <br />Bid Number: 2024040 <br />Project Address: 7955 58`h Avenue, Vero Beach, FL 32957 <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 for final 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 />The Work will be completed and ready for final payment on or before the 90th 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 />damages for delay (but not as a penalty), CONTRACTOR shall pay OWNER 388.00 for each calendar day that <br />expires after the time specified in paragraph 3.02 for completion and readiness for final payment until the <br />Work is completed and ready for final payment. <br />203 <br />