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,. 4. 02 Days to Achieve Substantial Completion and Final Payment <br /> A. The Work will be substantially completed on or before the 150th 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 180th day after the date when the <br /> Contract Times commence to run . <br /> 4. 02 Days to Achieve Final Completion and Final Payment <br />' A. The Work will be fully completed (Final Completion) and ready for final payment in <br /> accordance with paragraph 14. 07 of the General Conditions on or before the 180`" day <br /> after the date when the Contract Times commence to run as provided in paragraph 2. 03 of <br /> the General Conditions . <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 , with the exception of any work within the IRFWCD <br /> ROW along 4th Street which must be substantially completed by May 31 , 2007 , as <br /> specified by permit conditions. Liquidated damages will commence for this portion of the <br /> work. The parties also recognize the delays , expense , and difficulties involved in proving <br />' in a legal or arbitration proceeding the actual loss suffered by OWNER if the Work is not <br /> completed on time. Accordingly, instead of requiring any such proof, OWNER and <br /> CONTRACTOR agree that as liquidated damages for delay (but not as a penalty) , <br /> CONTRACTOR shall pay OWNER $ 1 , 288. 00 for each calendar day that expires after the <br /> time specified in paragraph 4.02 for Substantial Completion until the Work is substantially <br /> complete. After Substantial Completion , if CONTRACTOR shall neglect, refuse, or fail to <br /> complete the remaining Work within the Contract Time or any proper extension thereof <br /> granted by OWNER , CONTRACTOR shall pay OWNER $1 , 288 . 00 for each calendar day <br /> that expires after the time specified in paragraph 4. 02 for completion and readiness for <br />.. final payment until the Work is completed and ready for final payment. <br /> ARTICLE 5 - CONTRACT PRICE <br /> r <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 . 6 , 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: $ 1 1 aaa ,,n /n) 5__ 440-5 / W�7t�3ee 1 <br /> Written Amount: 'Ont �Mlww ) 7w 0 d 1 w I r <br /> 0209-00520 - Agreement (Public Works).doc <br /> EAEngineeringlCapital Projects=iD94th Street Bridge Over Coots Oitch102094M Street Bridge Over Cocch 07-20-MD209-0 520 - Agreement (Public WoNs).docRev. <br /> 05m1 3 - <br /> i <br />