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' 4 . 03 Liquidated Damages A. CONTRACTOR and OWNER recognize that time is of the essence of this Agreement and that OWNER will suffer financial loss if the Work is not completed within the times specified in paragraph 4 . 02 above , plus any extensions thereof allowed in accordance with Article 12 of the General Conditions . The parties also recognize the delays , expense , and difficulties involved in proving in a legal proceeding the actual loss suffered by OWNER if the Work is not completed on time . Accordingly , instead of requiring any such proof, OWNER and CONTRACTOR agree that as liquidated damages for delay (but not as a ' penalty) , CONTRACTOR shall pay OWNER $ 1 ,216 . 00 for each calendar day that expires after the time specified in paragraph 4 . 02 for Substantial Completion until the Work is substantially complete . After Substantial Completion , if CONTRACTOR shall neglect, refuse , or fail to complete the remaining Work within the Contract Time or any proper extension thereof granted by OWNER, CONTRACTOR shall pay OWNER $ 1 ,216 . 00 for each calendar day that expires after the time specified in paragraph 4 . 02 for completion and readiness for final payment until the Work is completed and ready for final payment. ARTICLE 5 = CONTRACT PRICE 5 . 01 OWNER shall pay CONTRACTOR for completion of the Work in accordance with the Contract Documents , an amount in current funds equal to the sum of the amounts determined pursuant to paragraph 5 . 01 .A and summarized in paragraph 5 . 01 . B , below: A. For all Work , at the prices stated in CONTRACTOR's Bid , attached hereto as an exhibit. B . THE CONTRACT SUM subject to additions and deductions provided in the Contract: : Numerical Amount : $2 . 002 , 139 . 91 Written Amount: TWO MILLION TWO THOUSAND ONE HUNDRED THIRTY NINE DOLLARS AND NINETY ONE CENTS ' ARTICLE 6 = PAYMENT PROCEDURES ' 6 . 01 Submittal and Processing of Payments A. CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the ' General Conditions . Applications for Payment will be processed by ENGINEER as provided in the General Conditions . 6 . 02 Progress Payments, Retainage ' A. OWNER shall make progress payments on account of the Contract Price on the basis of CONTRACTOR' s Applications for Payment at intervals not less than once each month ' during performance of the Work as provided in paragraph 6 . 02 . A . 1 below. All such payments will be measured by the schedule of values established in paragraph 2 . 07 . A of the General Conditions (and in the case of Unit Price Work based on the number of units ' completed ) or, in the event there is no schedule of values , as provided in the General Requirements : 1 . Progress payments will be made in an amount equal to the percentage indicated below but, in each case , less the aggregate of payments previously made and less ' 0399-00520 - Agreement (Public Works) 00520 - 3 F:\Engineering\Capital Projects\0399 North County Regional Park, Phase 110399 Contract Docs\0399-00520 - Agreement (Public Works).doc Rev. 05/01