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i <br /> A. The Work will be substantially completed on or before the 150U' 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 18&h 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 istcomplete.d 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 . amages will c th nce for this portion of <br /> work. The parties also recognize the delays, expense, and difficultids involved in, proving in <br /> a legal proceeding the actual loss suffered by OWNER if the Wo not completed on <br /> time. Accordingly, instead of requiring an: such roof, OWNER ai4Kwn <br /> y p d CONTRACTOR <br /> agree that as liquidated damages for delay (but not as a penalty), CONTRACTOR shall <br /> pay OWNER $1,742.00 for each calendar day M at expires after the time specified in <br /> paragraph 4.02 for Substantial Completion until the Work ismsubstantially complete. After <br /> Substantial Completion, if CONTRACTOR shall neglect, refuse, or fail to complete the <br /> remaining Work within the Cont�cact Time or any proper extension thereof granted by <br /> OWNER, CONTRACTOR shall pay.0U ZNER 1 742.00 for each calendar day that expires <br /> after the time specified in paragraph4.02 for comp etion and readiness for final payment <br /> until the Work is competed and ready for final ayAftt. <br /> ARTICLE 5 - CONTRACT PRICE <br /> 5.01 OWNER I <br /> shall pay CONTRACTOR for completion of the Work In accordance with the <br /> Contract DocumenMonparragrap <br /> amounpn current funds equal to the sum of the amounts <br /> determined pursuanh;SOt 1.A and summarized in paragraph 5.01.13, below: <br /> A. For all Work, at the prices stated in CONTRACTOR's Bid, attached hereto as an exhibit. <br /> B. THE50ONTRAG¢T SIJ.M subject to additions and deductions provided in the Contract:: <br /> Numerical Amount: $ <br /> Written AinbAIR : <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 g 4 <br /> F U3ublic WorkstENGINEERING OMSION PROJECTS11205-Vero Lake Estates Swk-87th St 101st Ave to CR510(LAP)Vrdmimlagenda items100520-Agreement(Public <br /> Works)FOR LAP PROJECTS ONLY.doc <br />