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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 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 /> 4 . 03 Liquidated Damages <br /> A . CONTRACTOR and .OWNER. recognize #I•iaf1irl of ):he:lessenee of this Agreement and <br /> that OWNER will suffer financial loss if the Work . is , notcompleted within the times <br /> specified in paragraph 4 :02 above , plus any extensior s (hereof allowed in accordance with <br /> Article 12, of the General 'iConditions ;The : parties also recognize the delays , expense , and <br /> difficulties, involved in proving Jn -�a ' legal �br. arbitration proceeding the actual loss suffered <br /> by OWNER ifAhe Work: js nipt completed` on time . Accordingly, instead of requiring any <br /> such proof, OWN Mand CONTRACTOR agree that as liquidated damages for delay ( but <br /> not as a pens 'ly) , CONTRACTOR shall pay OWNER $2 , 470 . 00 for each calendar day th?t <br /> expires after the time specified in paragraph 4 . 02 for Substantial Completion until the <br /> Work is substantiafly complete . After Substantial Completion , if CONTRACTOR shall <br /> neglect, refuse , or fail to complete the remaining Work within the Contract Time or any <br /> 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 . B , 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 : $ 72922 . 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 /> 00520 - 3 0016-00520 - Agreement (Public Works) <br /> F:\Engineering\Capital Projects\0016 & 0236- 41st Street Improvements\0016 & 0236-41st St Contract Docs\0016-00520 - Agreement (Public Works) .doc Rev. <br /> 05/01 <br />