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0 <br />4.02 Days to Achieve Substantial Completion and Final Payment <br />A. The bridge -culvert Work will be substantially completed on or before the 120th day after <br />the Notice to Proceed and shall include canal flow re-establishment of Lateral "J" Canal <br />and adjacent sublaterals, without relying on mechanical or other temporary measures. <br />B. The Work will be substantially completed on or before the 180th day after the date when <br />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 210th day after the date when the <br />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 thereof allowed in accordance with <br />Article 12 of the General Conditions. The parties also recognize the delays, expense, and <br />difficulties involved in proving in a legal proceeding the actual loss suffered by OWNER if <br />the Work is not completed on time. Accordingly, instead of requiring any such proof, <br />OWNER and CONTRACTOR agree that as liquidated damages for delay (but not as a <br />penalty), CONTRACTOR shall pay OWNER $800.00 for each calendar day that expires <br />after the time specified in paragraph 4.02 for Substantial Completion until the Work is <br />substantially complete. After Substantial Completion, if CONTRACTOR shall neglect, <br />refuse, or fail to complete the remaining Work within the Contract Time or any proper <br />extension thereof granted by OWNER, CONTRACTOR shall pay OWNER $500.00 for <br />each calendar day that expires after the time specified in paragraph 4.02 for completion <br />and readiness for final payment until the Work is completed and ready for final payment. <br />ARTICLES =CONTRACT PRICE <br />5.01 OWNER shall pay CONTRACTOR for completion of the Work in accordance with the <br />Contract Documents, an amount in current funds equal to the sum of the amounts <br />determined pursuant to paragraph 5.01.A and summarized in paragraph 5.01.8, below: <br />A. For all Work, at the prices stated in CONTRACTOR's Bid, attached hereto as an exhibit. <br />B. THE CONTRACT SUM subject to additions and deductions provided in the Contract:: <br />Numerical Amount: $2,188,848.87 <br />Written Amount: <br />TWO MILLION, <br />ONE <br />HUNDRED EIGHTY-EIGHT <br />THOUSAND, <br />EIGHT -HUNDRED <br />FORTY <br />EIGHT <br />DOLLARS & EIGHTY-SEVEN <br />CENTS <br />00520 - Agreement (Public Works) 2006041.doc <br />00520-3 <br />F:\Public Works\Capital Projects\Oslo Road Lateral J\BID DOCUMENTS 2006041\00520 - Agreement (Public Works) 2006041.doc Rev. 05/01 <br />