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ARTICLE 3 . CONTRACT TIME . <br /> 3 . 1 This Agreement shall remain in full force and effect for a period of hm (2) yearsafter <br /> the date of execution , unless terminated by mutual consent of the parties hereto , and shall <br /> be able to be renewed for two one�year periods , upon mutual agreement of both parties . <br /> 3 . 2 Liquidated Damages . OWNER and CONTRACTOR recognize that time is of the <br /> essence of this Agreement and that OWNER will suffer financial loss if the work is not <br /> completed by the date set forth in the Work Authorization/Work Order Notice to Proceed <br /> issued by the OWNER for each separate work project under the agreement, plus any <br /> extensions thereof allowed in accordance with Article 12 of the General Conditions . They <br /> also recognize the delays , expense and difficulties involved in proving in a legal <br /> proceeding the actual loss suffered by OWNER if the work is not completed on time . <br /> Accordingly, instead of requiring any such proof, OWNER and CONTRACTOR agree that <br /> as liquidated damages for delay (but not as a penalty) CONTRACTOR shall pay OWNER <br /> four-hundred and fifty dollars ($450 . 00) for each day that expires after the time specified in <br /> each Work Authorization/Work Order for Substantial Completion , If CONTRACTOR shall <br /> neglect, refuse or fail to complete the remaining work within the Contract Time associated <br /> with each separate Work Authorization/Work Order or any proper extension thereof <br /> granted by OWNER, CONTRACTOR shall pay OWNER four-hundred and fifty dollars <br /> ($450 . 00) for each day that expires after the time specified in each Work Authorization (or <br /> Work Order) for completion and readiness for final payment. <br /> ARTICLE 4. CONTRACT PRICE . <br /> 4 . 1 OWNER shall pay CONTRACTOR for completion of the work associated with each <br /> separate Work Authorization/Work Order in accordance with the Contract Documents in <br /> current funds based on the unit prices for the items of work set forth in accordance with <br /> the Contract Bid Form and Proposal , Section 00310 . <br /> ARTICLE 5. PAYMENT PROCEDURES . <br /> 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 /> 5 . 1 Progress Payments . OWNER shall make progress payments on account of the <br /> Contract Price on the basis of CONTRACTOR'S Applications for Payment as <br /> recommended by ENGINEER , on or about the 30th day of each month during <br /> construction as provided below. The OWNER shall retain ten ( 10) percent of the <br /> payment amounts due to the CONTRACTOR until final completion and <br /> acceptance of all Work to be performed by the CONTRACTOR under the Contract <br /> Documents . Each request for a partial payment shall be submitted on an <br /> Application for Payment Form , which shall be accompanied by an executed copy <br /> of the Certification of Contractor. The OWNER WILL provide the forms . All <br /> progress payments will be on the basis of the progress of the work measured by <br /> the schedule of values established in Paragraph 2 . 9 of the General Conditions <br /> 00530-2 <br /> FAUtIIIties\UTILITY - ENGINEERING\Projects - Utility Construction Permits\IRC - Labor Contract RE-BID for 2005-2006\BID <br /> DOCUMENTS - USE ONLY FOR THIS PROJECT\BID DOCUMENTS\00530 EJCDC - REVISED (by Marion 11 -8-04) .doc <br />