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A. The Work will be substantially completed on or before the 150th calendar day after the date <br />when the Contract Times commence to run as provided in paragraph 2.03 of the General <br />Conditions, and completed and ready for final payment in accordance with paragraph 14.07 <br />of the General Conditions on or before the 180th calendar day after the date when the <br />Contract Times commence to run. <br />4.03 Liquidated Damages <br />A. CONTRACTOR and OWNER recognize that time is of the essence of this Agreement and <br />that OWNER will suffer financial loss if the Work is not completed within the times specified <br />in paragraph 4.02 above, plus any extensions thereof allowed in accordance with Article 12 <br />of the General Conditions. Liquidated damages will commence for this portion of work. The <br />parties also recognize the delays, expense, and difficulties involved in proving in a legal <br />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 <br />as liquidated damages for delay (but not as a penalty), CONTRACTOR shall pay OWNER <br />$1,699.001 for each calendar day that expires after the time specified in paragraph 4.02 for <br />Substantial Completion until the Work is substantially complete. After Substantial <br />Completion, if CONTRACTOR shall neglect, refuse, or fail to complete the remaining Work <br />within the Contract Time or any proper extension thereof granted by OWNER, <br />CONTRACTOR shall pay OWNER $1,699.001 for each calendar day that expires after the <br />time specified in paragraph 4.02 for completion and readiness for final payment until the <br />Work is completed and ready for final payment. <br />ARTICLE 5 - CONTRACT PRICE <br />5.01 OWNER shall pay CONTRACTOR for completion of the Work in accordance with the <br />Contract Documents, an amount in current funds equal to the sum of the amounts <br />determined pursuant to paragraph 5.01.A and summarized in paragraph 5.01.B, below: <br />A. For all Work, at the prices stated in CONTRACTOR's Bid, attached hereto as an exhibit. <br />B. THE CONTRACT SUM subject to additions and deductions provided in the Contract: <br />Numerical Amount: $507,934.00 <br />Written Amount: Five hundred seven thousand, nine hundred thirty-four dollars <br />ARTICLE 6 - PAYMENT PROCEDURES <br />1 Reference for liquidated damages amount "Standard Specifications for Road & Bridge Construction, Florida Department of <br />Transportation (FDOT) FY 2023-24, Section 8-10.2 for projects over $50,000 but less than $250,000. THE ACTUAL LIQUDATED <br />DAMAGES AMOUNT WILL BE BASED ON THE CONTRACT AMOUNT AWARD AMOUNT AND WILL BE DETERMINED USING <br />THE REFERENCED FDOT CRITERIA. <br />F:\Purchasing\Bids\2024-2025 FY (2025000)\2025007 Restroom Renovations NC & Main <br />Libraries\Sample Agreement.docx <br />