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2025009 Fairgrounds Marquee Sign Replacement <br />Agreement <br />THIS AGREEMENT, entered into this 11th day of February 2025, by and between INDIAN RIVER COUNTY, a political <br />subdivision of the State of Florida, hereinafter referred to as the "COUNTY", and Art -Kraft Sign Company, Inc. <br />hereinafter referred to as the "CONTRACTOR". <br />ARTICLE 1 - WORK <br />CONTRACTOR shall complete all Work as specified or indicated in the Contract Documents. The Work is generally <br />described as design and replacement of marquee sign at Indian River County Fairgrounds, as detailed in Request for <br />Proposals 2025009. <br />ARTICLE 2 - CONTRACT TIMES <br />2.01 Time of the Essence <br />A. 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 />2.02 Days to Achieve Substantial Completion, Final Completion and Final Payment <br />A. 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 />2.03 Liquidated Damages <br />A. 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 $988.00 for each calendar day <br />that expires after the time specified in paragraph 3.02 for completion and readiness for final payment until <br />the Work is completed and ready for final payment. <br />ARTICLE 3 - CONTRACT PRICE <br />3.01 OWNER shall pay CONTRACTOR for completion of the Work an amount in current funds equal to the sum of <br />the amounts determined pursuant to paragraph 4.01.A and summarized in paragraph 4.01.13, below: <br />A. For all Work, at the prices stated in CONTRACTOR's Price Proposal, attached hereto as Exhibit 1. <br />B. THE CONTRACT SUM subject to additions and deductions provided in the Contract Documents: <br />Numerical Amount: $ 106,464.50 <br />