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Completion of all tasks outlined above ( i . e . , Subparagraphs a ) and b ) constitutes <br /> Substantial Completion . <br /> ( b ) From 76 calendar days to 90 calendar days from the effective date of Notice to <br /> Proceed , the CONTRACTOR shall complete the following tasks : <br /> 1 . Clean up project area . <br /> 2 . Remove all equipment and material from project site . <br /> 3 . Perform contract closeout procedures . <br /> Completion of all tasks outlined above ( i . e . , Subparagraphs a , b , and c ) constitute Final <br /> Completion . <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 within the times specified in Paragraph 3 . 1 above , plus any extensions thereof <br /> allowed in accordance with Article 12 of the General Conditions . They also recognize the <br /> delays , expense and difficulties involved in proving in a legal proceeding the actual loss <br /> suffered by OWNER if the work is not completed on time . Accordingly , instead of <br /> requiring any such proof, OWNER and CONTRACTOR agree that as liquidated damages <br /> for delay ( but not as a penalty ) CONTRACTOR shall pay OWNER four- hundred and fifty <br /> dollars ( $450 . 00 ) for each day that expires after the time specified in Paragraph 3 . 1 for <br /> Substantial Completion , if CONTRACTOR shall neglect , refuse or fail to complete the <br /> remaining work within the Contract Time or any proper extension thereof granted by <br /> OWNER , CONTRACTOR shall pay OWNER four- hundred and fifty dollars ( $450 . 00 ) for <br /> each day that expires after the tima specified in ParagrGali 3A for completion and <br /> readiness for final payment . <br /> ARTICLE 4 CONTRACT PRICE <br /> 4 . 1 OWNER shall pay CONTRACTOR for completion of the work in accordance with the <br /> Contract Documents in current funds in the amount of $ 1 , 098 , 115 . 98 <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 provided in the <br /> General Conditions and the Contract Documents . <br /> 5 . 1 Progress Payments . The OWNER shall make progress payments to the CONTRACTOR <br /> on the basis of the approved partial payment request as recommended by ENGINEER in <br /> accordance with the provisions of the Local Government Prompt Payment Act , Florida <br /> Statutes section 218 . 70 et . seq . The OWNER shall retain ten percent ( 10 % ) of the <br /> payment amounts due to the CONTRACTOR until fifty percent ( 50 % ) completion of the <br /> work . After fifty percent ( 50 % ) completion of the work is attained as certified to OWNER by <br /> ENGINEER in writing , OWNER shall retain five percent ( 5 % ) of the payment amount due <br /> to CONTRACTOR until final completion and acceptance of all work to be performed by <br /> CONTRACTOR under the Contract Documents . Pursuant to Florida Statutes section <br /> 218 . 735 ( 8 ) ( b ) , fifty percent ( 50 % ) completion means the point at which the County as <br /> OWNER has expended fifty percent ( 50 % ) of the total cost of the construction services <br /> 00530- 2 <br />