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2. Remove all equipment and material from project site. <br /> 3. Perform contract closeout procedures. <br /> 3.02 Completion of all tasks outlined above (i.e., Subparagraphs a, b, and c) constitute <br /> Final Completion. <br /> 3.03 Liquidated Damages <br /> 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 3.01 above, plus any extensions thereof allowed in writing as a change order <br /> to this Agreement. 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 <br /> completed on time. Accordingly, instead of requiring any such proof, OWNER and <br /> CONTRACTOR agree that as liquidated damages for delay (but not as a penalty), <br /> CONTRACTOR shall pay OWNER$450.00 for each calendar day that expires after the time <br /> specified in paragraph 3.01 for completion and readiness for final payment until the Work is <br /> completed and ready for final payment. <br /> ARTICLE 4 -CONTRACT PRICE <br /> 4.01 OWNER shall pay CONTRACTOR for completion of the Work an amount in current funds <br /> equal to the sum of the amounts determined pursuant to paragraph 4.01.A and summarized in <br /> paragraph 4.01.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 /> Documents: <br /> Numerical Amount: $ 123,779.36 <br /> Written Amount: One hundred twenty three thousand, seven hundred and seventy <br /> nine dollars and thirty six cents <br /> ARTICLE 5 -COMPENSATION <br /> CONTRACTOR shall submit Applications for Payment on a monthly basis. Applications for <br /> Payment will be processed by ENGINEER as provided in the Contract Documents. <br /> 5.1 Progress Payments. The OWNER shall make progress payments to the CONTRACTOR on <br /> the basis of the approved partial payment request as recommended by ENGINEER in <br /> accordance with the provisions of the Local Government Prompt Payment Act, Florida <br /> Statutes section 218.70 ET. seq. The OWNER shall retain ten percent(10%)of the payment <br /> amounts due to the CONTRACTOR until fifty percent (50%) completion of the work. After <br /> fifty percent (50%) completion of the work is attained as certified to OWNER by ENGINEER <br /> in writing, OWNER shall retain five percent (5%) of the payment amount due to <br /> CONTRACTOR until final completion and acceptance of all work to be performed by <br /> Section 00530-3 <br /> 38 <br />