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A. The Work will be substantially completed on or before the 120th calendar day after the <br /> date when the Contract Times commence to run as provided in paragraph 2.03 of the <br /> General Conditions, and completed and ready for final payment in accordance with <br /> paragraph 14.07 of the General Conditions on or before the 150th calendar day after the <br /> date when the 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 isnot completed within the times <br /> specified in paragraph 4.02 above, plus any extensions thereof allowed in accordance with <br /> Article 12 of the General Conditions. Liquidated damages will comme `ce for this portion of <br /> work. The parties also recognize the delays, expense, and difficult s involved in proving in <br /> a legal proceeding the actual loss suffered by'OWNER if the Work,is not completed on <br /> time. Accordingly, instead of requiring any such roof, OWNER.and CONTRACTOR <br /> agree that as liquidated damages for delay but not: s:a penalty), CONTRACTOR shall <br /> pay OWNER $1,742.00 for each lendar day hate es after the time specified in <br /> paragraph 4.02 for Substantial Comp sn until ,71,,.Work , ubstait lly complete. After <br /> Substantial Completion, if CONTRAC ;shall eglect, refruse nor fail to complete the <br /> remaining Work within the C� ` ct Time r®y v: 4 proper extension thereof granted by <br /> 'ti <br /> OWNER, CONTRACTOR shall•B: a.WNE' A <br /> `' 42.00 for each calendar day that expires <br /> after the time specified in paragh' :4 for .. '`i.letion and readiness for final payment <br /> until the Work is co , eted and re" f.' -.I pay ?.t. <br /> ARTICLE 5 -CONTRACT P c. CE': . <br /> 5.01 OWNER shall,pay CONI*ToRlf. 12.4 mpletion of the Work in accordance with the <br /> Contract Dots, an amount in t funds equal to the sum of the amounts <br /> determined ii rsu ' to •aragrap -5 01.A and summarized in paragraph 5.01.B, below: <br /> 6-1 <br /> A �,orgall Work, atx i e pricestated{in CONTRACTOR's Bid, attached hereto as an exhibit. <br /> B. ;'THE CONTRACT SUM subject to additions and deductions provided in the Contract:: <br /> , <br /> NUme coal Alu%,„14.,,, <br /> $ <br /> Written Amou * <br /> ARTICLE 6 - PAYMENT PROCEDURES <br /> 6.01 Submittal and Processing of Payments <br /> A. CONTRACTOR shall submit Applications for Payment in accordance with Article 14 <br /> of the General Conditions. Applications for Payment will be processed by <br /> ENGINEER as provided in the General Conditions and the Contract Documents. <br /> 00520-Agreement(Public Works)SAMPLE <br /> 00520-3 2 <br /> F:1Public Works\ENGINEERING DIVISION PROJECTS11506-Gifford Neighborhood 45th St Beautification\Adminlagenda items 100520-Agreement(Public Works) <br /> SAMPLE.doc <br />