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A. The Work will be substantially completed on or before the 1201 calendar day after the date <br /> when the Contract Times commence to run as provided in paragraph 2.03 of the General <br /> Conditions, and completed and ready for final payment in accordance with paragraph <br /> 14.07 of the General Conditions on or before the 150th calendar day after the date when <br /> 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 is-=not completed within the times <br /> specified in paragraph 4.02 above, plus any extensions th6rddf.,alI9Wbd in accordance with <br /> Article 12 of the General Conditions. Liquidated damages will commence for this portion of <br /> delays, ex. involved,iri <br /> work. The parties also recognize the de rise, and difficulties <br /> proving in <br /> a legal proceeding the actual loss suffered by6W'.NER if the Wd8eii"Js not,tbMplleted on <br /> CTOR <br /> time. Accordingly, instead of requiring <br /> �-such Ot,; f, OWNER 'Ahd.,RAGTOR <br /> 0 RA <br /> it <br /> agree that as liquidated damages forge .nota Cd shall <br /> pay OWNER $1,742.00 or each ci dar da rs aft! <br /> at ex P time specified in <br /> 'at <br /> paragraph 4.02 for Substantial Completi6n,until thteMorlk is`1i st M. <br /> complete. After <br /> Substantial Completion, ifCo ACT .neglect,glect, refut "or fail to complete the <br /> remaining Work within the C y Time ;, nyproper extension thereof granted by <br /> OWNER, CONTRACTOR shall R .00 for each calendar day that expires <br /> after the time specified in paragra 4 . r com, ion and readiness for final payment <br /> Al <br /> �A- <br /> until the Work is co m, ,for -paym <br /> M <br /> ARTICLE 5 -CONT P <br /> 'M <br /> ' <br /> 5.01 OWNER t,'j, CONT -'-'-.-T; R f" G <br /> ' M <br /> pletion of the Work in accordance with the <br /> Contract 1)4ffiq4�'.an amin cu nt funds equal to the sum of the amounts <br /> N <br /> puan 1. and summarized in paragraph 5.01.13, below. <br /> determined id <br /> P ra <br /> A.;;For all Work, at tl prices staff ! <br /> in ONTRACTOR's Bid, attached hereto as an exhibit. <br /> B. TH07E,CONI TCT SUM IR subject to additions and deductions provided in the Contract:: <br /> A <br /> Z- '�Q�i-'- <br /> 'k. <br /> Numerical kyll- nt.-I <br /> Written A <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)Sample 95 <br /> 00520-3 <br /> F:M-ub4cWoft1ENG1NEER1NG DMSION PROJECTSX1317-85th St MilliqL_91st Ave to 1016tAveNAdMin%apnda 48MA00520-Agreenwd(PWiCW0*S)S8fnP1e.d0C <br />