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,i. <br /> 4 . 02 Days to Achieve Substantial Completion and Final Payment <br /> A . The Work will be substantially completed on or before the 270th 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 300th 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 300th day <br /> after the date when the Contract Times commence to run as provided in paragraph 2 . 03 of <br /> the General Conditions . <br /> r. <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 $2 ,470 . 00 for each calendar day that <br /> .,, 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 /> r proper extension thereof granted by OWNER , CONTRACTOR shall pay OWNER <br /> $2 ,470 . 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 . 8 , below: <br /> A . For all Work, at the prices stated in CONTRACTOR' s Bid , attached hereto as an exhibit. <br /> +� Be THE CONTRACT SUM subject to additions and deductions provided in the Contract: : <br /> Numerical Amount: $ 7 , 922 ,796 . 00 <br /> .. Written Amount: SEVEN MILLION NINE HUNDRED AND TWENTY TWO <br /> THOUSAND SEVEN HUNDRED AND NINETY SIX DOLLARS <br /> AND NO CENTS . <br /> 0016-00520 - Agreement (Public Works) <br /> 00520 - 3 <br /> aw CADocuments and Settings\kjackson\Local Settings\Temporary Internet Files\OLK86\0016-00520 - Agreement (Public Works).doc Rev. 05/01 <br />