Laserfiche WebLink
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 5.01.6, 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 />dollars Written Amount: Three hundred ninety-eight thousand two hundred fifty <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 />