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A. All time limits for Milestones, if any, Substantial Completion, and completion and readiness for final payment as stated in the Contract Documents are of the essence of the Contract. B. The Contract Times shall extend from (a) the date of the OWNER's issuance of a Notice -to - Proceed, to (b) the date corresponding to the number of calendar days — as identified on the Bidder's Bid Form - by which date, the Work is to be (i) Substantially Completed by the and (ii) also completed and ready for final payment are set forth in the Agreement. 4.02 Days to Achieve Substantial Completion, Final Completion and Final Payment A. The Work will be substantially completed on or before the 120th calendar day after the date when the Contract Times commence to run as provided in paragraph 2.03 of the General Conditions, and completed and ready for final payment in accordance with paragraph 14.07 of the General Conditions on or before April 30, 2025. B. If the Work is not completed on or before April 30, 2025: a) the CONTRACTOR shall cease construction operations, demobilize equipment as accepted by the OWNER, and remobilize equipment to resume construction on or after November 1, 2025 — without additional cost to the OWNER; and b) Contract Times would pause on April 30, 2025 and recommence to run on November 1, 2025 to run no later than April 30, 2026, as provided in paragraph 2.03 of the General Conditions, and completed and ready for final payment in accordance with paragraph 14.07 of the General Conditions. 4.03 Liquidated Damages A. 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 4.02 above, plus any extensions thereof allowed in accordance with Article 12 of the General Conditions. 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 $3,756.00 for each calendar day that expires after the time specified in paragraph 4.02 for Substantial Completion until the Work is substantially complete. After Substantial Completion, if CONTRACTOR shall neglect, refuse, or fail to complete the remaining Work within the Contract Time or any proper extension thereof granted by OWNER, CONTRACTOR shall pay OWNER $3,756.00 for each calendar day that expires after the time specified in paragraph 4.02 for completion and readiness for final payment until the Work is completed and ready for final payment. ARTICLE 5 - CONTRACT PRICE 5.01 OWNER shall pay CONTRACTOR for completion of the Work in accordance with the Contract Documents, an amount in current funds equal to the sum of the amounts determined pursuant to paragraph 5.01.A and summarized in paragraph 5.01.13, below: A. For all Work, at the prices stated in CONTRACTOR's Bid, attached hereto as an exhibit. B. THE CONTRACT SUM subject to additions and deductions provided in the Contract: Numerical Amount: $6,676,566.80 Agreement (Public Works) REV 04-07 - 00520 - 3 FAPurchasinB\Bi&s 2024-2025 FY (2025000)\2025004 Sector Hurricanes Ian and Nicole Dune Restoration\Drafts\#1.0_DIV 0_1_13id and Contract Doc_20240801-flnal.docx