Laserfiche WebLink
4 . 02 Days to Achieve Substantial Completion and Final Payment <br /> A. The Work will be substantially completed on or before the 60 day after the date when the <br /> 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 75 day after the date when the Contract <br /> 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 676 . 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 $ 676 . 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 /> 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: $ 141 , 352 . 00 <br /> Written Amount: ONE HUNDRED FORTY ONE THOUSAND THREE HUNDRED <br /> FIFTY TWO DOLLARS AND ZERO 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 /> ' 0219-00520 - Agreement (Public Works).doc <br /> 00520 - 3 <br /> F:\Engineering\Capital Projects\0219-Kitching Station Trallhead\0219 Kitching-Contract Docs\0219-00520 - Agreement (Public Works).doc Rev. 05/01 <br />