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*************************************************************************************************** <br /> 4.03 Liquidated Damages <br /> A. CONTRACTOR and OWNER recognize that time is of the essence of this <br /> Agreement and that OWNER will suffer financial loss if the Work is not completed <br /> within the times specified in paragraph 4.02 above, plus any extensions thereof <br /> allowed in accordance with Article 12 of the General Conditions. Liquidated <br /> damages will commence for this portion of work. The parties also recognize the <br /> delays, expense, and difficulties involved in proving in a legal proceeding the <br /> actual loss suffered by OWNER if the Work is not completed on time. <br /> Accordingly, instead of requiring any such proof, OWNER and CONTRACTOR <br /> agree that as liquidated damages for delay (but not as a penalty), <br /> CONTRACTOR shall pay OWNER $750.00 for each calendar day that expires <br /> after the time specified in paragraph 4.02 for Substantial Completion until the <br /> Work is substantially complete. After Substantial Completion, if CONTRACTOR <br /> shall neglect, refuse, or fail to complete the remaining Work within the Contract <br /> Time or any proper extension thereof granted by OWNER, CONTRACTOR shall <br /> pay OWNER$750.00 for each calendar day that expires after the time specified <br /> in paragraph 4.02 for completion and readiness for final payment until the Work <br /> 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 <br /> with the Contract Documents, an amount in current funds equal to the sum of <br /> the amounts determined pursuant to paragraph 5.01.A and summarized in <br /> paragraph 5.01.B, below: <br /> A. For all Work, at the prices stated in CONTRACTOR's Bid,attached hereto as an <br /> exhibit. <br /> B. THE CONTRACT SUM subject to additions and deductions provided in the <br /> Contract: <br /> Numerical Amount: $398,250 <br /> Written Amount: Three hundred ninety-eight thousand two hundred fifty <br /> dollars <br /> ARTICLE 6 - PAYMENT PROCEDURES <br /> 6.01 Submittal and Processing of Payments <br /> A. CONTRACTOR shall submit Applications for Payment in accordance <br /> with Article 14 of the General Conditions. Applications for Payment will <br /> be processed by ENGINEER as provided in the General Conditions <br /> and the Contract Documents. <br />