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3 .2 Liquidated Damages. OWNER and CONTRACTOR 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 3 . 1 above, plus any extensions thereof allowed in accordance with Article 12 of the General Conditions. They 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: (a) three- hundred fifty dollars ($350.00) for each day that expires after the time specified in Paragraph 3 . 1 for Substantial Completion of the 3 .0 million gallon ground storage tank portion of the project; (b) four-hundred fifty dollars ($450.00) for each day that expires after the time specified in Paragraph 3 . 1 for Substantial Completion of the two new skids and the replacement of the membranes in the two existing skids portion of the project: (c) six-hundred dollars ($600 .00) for each day that expires after the time specified in Paragraph 3 . 1 for Substantial Completion of the remaining work on the project (exclusive of the 3 .0 million gallon ground storage tank and new skids portions of the project); and (d) four hundred dollars ($400.00) for each day that expires after the time specified in Paragraph 3 . 1 for completion and readiness for final payment. ARTICLE 4 CONTRACT PRICE 4 . 1 OWNER shall pay CONTRACTOR for completion of the work in accordance with the Contract Documents in current funds for a Total Base Bid in the amount of $ 18, 185 ,000 along with Alternative Bid Item 1 A in the amount of $2, 895 ,300 for a Total Contract amount of $21,080,300. ARTICLE 5 PAYMENT PROCEDURES 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 and the Contract Documents. 5 . 1 Progress Payments. The OWNER shall make progress payments to the CONTRACTOR on the basis of the approved partial payment request as recommended by ENGINEER in accordance with the provisions of the Local Government Prompt Payment Act, Florida Statutes section 218 . 70 et. seq. The OWNER shall retain ten percent ( 10%) of the payment amounts due to the CONTRACTOR until fifty percent (50%) completion of the work. After fifty percent (50010) completion of the work is attained as certified to OWNER by ENGINEER in writing, OWNER shall retain five percent (5%) of the payment amount due to CONTRACTOR until final completion and acceptance of all work to be performed by CONTRACTOR under the Contract Documents. Pursuant to Florida Statutes section 218 .735(8)(b), fifty percent (50%) completion means the point at which the County as OWNER has expended fifty percent (50%) of the total cost of the construction services work purchased under the Contract Documents, together with all costs associated with existing change orders and other additions or modifications to the construction services work provided under the Contract Documents . 5 .2 Pay Requests. Each request for a progress payment shall be submitted on the application for payment form supplied by OWNER and the application for payment shall contain the CONTRACTOR' s certification. All progress payments will be on the basis of progress of the work measured by the schedule of values established, or in the case of unit price work based on the number of units completed. After fifty percent (50%) completion, and pursuant to Florida Statutes section 218 .735(8)(d), the CONTRACTOR may submit a pay request to the County as OWNER for up to one half ( 1 /2) of the retainage held by the County as OWNER, and the County as OWNER 6706-43015 - 155\9/7/06 00530-3 VRB