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2024056 Trans Florida Rail Trail Boardwalk Repairs (2) 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 Southeastern Marine Group, 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: Furnishing all the necessary equipment, materials, and labor for the repair of two boardwalks located on the Trans Florida Rail Trail. 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: Trans Florida Rail Trail Boardwalk Repairs (2) Bid Number: 2024056 Project Address: Trans Florida Rail Trail 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 The Work will be completed and ready for final payment on or before the 90th 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 shall pay OWNER $904 for each calendar day that expires after the time specified in paragraph 3.02 for completion and readiness for final payment until the Work is completed and ready for final payment.