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2024036 C.R. 512 & Broadway St. Drainage Restoration — Fellsmere (IRC— 2006) Agreement THIS AGREEMENT is by and between INDIAN RIVER COUNTY, a Political Subdivision of the State of Florida organized and existing under the Laws of the State of Florida, (hereinafter called OWNER) and Southeast Services of the Treasure Coast, Inc. (hereinafter called CONTRACTOR). OWNER and CONTRACTOR, in consideration of the mutual covenants hereinafter set forth, agree as follows: ARTICLE 1— WORK AND PROJECT CONTRACTOR shall complete all Work as specified or indicated in the Contract Documents. The Work is generally described as follows: The work includes, but is not limited to, providing all labor, supervision, equipment, materials, transportation, fuel, pollution prevention and maintenance of traffic, to dewater, clean, and perform closed circuit television (CCTV) inspection for 8,834 Lineal Feet of drainage pipe, and associated drainage structures located within the County Road 512 and N. Broadway St. right-of-way in the City of Fellsmere. The Project for which the Work under the Contract Documents may be the whole or only a part is generally described as follows: Project Name: C.R.512 Drainage Restoration — Fellsmere (IRC -2006) Bid Number: 2024036 Project Address: City of Fellsmere on C.R. 512 and N. Broadway St. ARTICLE 2 - CONTRACT TIMES 3.01 Time of the Essence All time limits for Milestones, if any, Substantial Completion, and completion and readiness for final payment as stated in the specifications are of the essence of the Agreement. 3.02 Days to Achieve Substantial Completion, Final Completion and Final Payment Substantial completion will be 150 days after the date when the Contract Times commence to run. The Work will be completed and ready for final payment on or before the 180th day after the date when the Contract Times commence to run. 3.03 Liquidated Damages 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 3.02 above, plus any extensions thereof allowed in writing as a change order to this Agreement. Liquidated damages will commence for this portion of work. 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