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A. The Work will be substantially completed on or before the 120"' 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 150"' 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 isnot. completed within the times <br /> specified in paragraph 4.02 above, plus any extensions thereof allowin accordance with <br /> Article 12 of the General Conditions. Liquidated damages will m`meence for this portion of <br /> work. The parties also recognize the delays, expense, and difficult�nvolved inv 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 an.y such prdof, OWNER aa% CONTRACTOR <br /> agree that as liquidated damages for delay "Ria <br /> agree asoma penalty), CONTRACTOR shall <br /> pay OWNER $1.742.00 for each calendar day that expires aftee time specified in <br /> paragraph 4.02 for Substantial Completion.until the.Work ismsubstantially complete. After <br /> Substantial Completion, if COMM CTORK shall neglect, refuse, ,or fail to complete the i <br /> remaining Work within the Contract Time or any proper extension thereof granted by <br /> OWNER, CONTRACTOR shall pay OWNER $1;742.00 for each calendar day that expires <br /> after the time specified in paragraph 4.0Ufor completion and readiness for final payment I <br /> until the Work is compel ted and ready for final paymeb <br /> ARTICLE 5 - CONTRACT PRICE <br /> 5.01 OWNER shall pay CONTRACiTOR for cw, pletion of the Work in accordance with the <br /> Contract Do menfs,.,an a ,mo�unntt in current funds equal to the sum of the amounts <br /> oij, <br /> determined pursuant tagrapM�$fi01.A and summarized in paragraph 5.01.13, below: <br /> A. or all Work, at the prices stated in CONTRACTOR's Bid, attached hereto as an exhibit. <br /> B. THE CONTRACT SUM subject to additions� d tions and deductions provided in the Contract:. <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 /> 00520-3 00520-Agreement(Public Works)Sample 95 <br /> F,\Public Works\ENGINEERING DIVISION PROJECTS\1317-85th St Milling_91st Ave to 101st Ave\Admin\agenda hems\00520-Agreement(Public Works)Sample.doc <br />