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A. The Work will be substantially completed on or before the 150"' 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 1800 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',sense of this Agreement and <br /> that OWNER will suffer financial loss if the Work is riot,. completed within the times <br /> specified in paragraph 4.02 above, plus any extensions theit44,allovired in accordance with <br /> Article 12 of the General Conditions. Liquidated.damages will co . encs for this portion of <br /> �:;,a " . <br /> work. The parties also recognize the delays, expense, and difficulfies..involved in proving in <br /> a legal proceeding the actual loss suffered by OWNER if the Works not:di mpleted on <br /> time. Accordingly, instead of requirin such f, OWNER a'�.d, dNTRACTOR <br /> agree that as liquidated damages fo.1 4 t at xi natty), CONTRACTOR shall <br /> a OWNER $1.742.00 for each ca dar da t exNsh` <br /> fte � ' <br /> pay � time specked in <br /> paragraph 4.02 for Substantial �omple :,until t � ork t: ially complete. After <br /> Substantial Completion, if CO: 01 <br /> 1't' r CTOR a I eglect, refusdj="or fail to complete the <br /> remaining Work within the Co '<Time Y proper extension thereof granted by <br /> OWNER, CONTRACTOR shall IaYt ER .00 for each calendar day that expires <br /> k•,S <br /> after the time specifi d in paragra _.4. # r com� `' 'on and readiness for final payment <br /> until the Work is and rea or a mere <br /> >.Y <br /> ARTICLE 5 -CONTRACT PRI ' <br /> 5.01 OWNER s <br /> CONTRA`eTOR for ' pletion of the Work in accordance with the <br /> Contract D `: n amok in current funds equal to the sum of the amounts <br /> determined pVuu,* toy f�fa�rap U1.A and summarized in paragraph 5.01.6, below: <br /> ''�'r'` ,1;.`x""`$3'-�`,. •..:>, <br /> A. `; or all Work, at te;praes state in CONTRACTOR's Bid, attached hereto as an exhibit. <br /> yX� <br /> B. THE;CONTICT SUM subject to additions and deductions provided in the Contract:: <br /> .,t •., <br /> Numerical Amount:'$ <br /> Written Amount: <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 /> 6.02 Progress Payments. <br /> 00520-Agreement(Public Works)FOR LAP PROJECTS ONLY <br /> 00520-3 g4 <br /> F%Public Works%ENGINEERING OMSION PROJECTS11205-Vero Lake Estates Swk-87th St 101st Ave to CR510(LAP)Wdmimlagenda items100520-Agreement(Public <br /> Works)FOR LAP PROJECTS ONLY.doc <br />