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4 . 02 Days to Achieve Substantial Completion and Final Payment <br /> Y P Y <br /> A. The Work will be substantially completed on or before the 90th 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 105th 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 or arbitration proceeding the actual loss suffered <br /> by OWNER if the Work is not completed on time . Accordingly, instead of requiring any <br /> such proof, OWNER and CONTRACTOR agree that as liquidated damages for delay ( but <br /> ' not as a penalty) , CONTRACTOR shall pay OWNER $ 1 , 288 . 00 for each calendar day <br /> that expires after the time specified in paragraph 4 . 02 for Substantial Completion until the <br /> Work is substantially complete . After Substantial Completion , if CONTRACTOR shall <br /> neglect, refuse , or fail to complete the remaining Work within the Contract Time or any <br /> ' proper extension thereof granted by OWNER, CONTRACTOR shall pay OWNER <br /> $ 1 , 288 . 00 for each calendar day that expires after the time specified in paragraph 4 . 02 for <br /> completion and readiness for final payment until the Work is completed and ready for final <br /> ' payment . <br /> ARTICLE 5 = 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 . 13 , 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: $491 , 916 . 63 <br /> Written Amount : <br /> ' Four hundred and ninety-one thousand , nine hundred and sixteen dollars and sixty-three cents . <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 of the <br /> General Conditions . Applications for Payment will be processed by ENGINEER as <br /> provided in the General Conditions . <br /> 0386-00520 - Agreement (Public Works) <br /> 00520 - 3 <br /> F:\Engineering\Capital Projects\0386-Pelican Island Upland Restoration\0386-Pelican Island -Contract Docs\0386-00520 - Agreement (Public Works).doc Rev. <br /> 05/01 <br />