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r <br /> 4.02 Days to Achieve Substantial Completion and Final Payment <br /> r` A. The Work will be substantially completed on or before the 300th 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 330"' day after the date when the <br /> Contract Times commence to run. <br /> r RR!####llRRR*R*****R*}R}R4lRR*IRRRlR!#####**RRRl4R*###*#####***R#!###**RR#!*###*#*******R!!####*R#!#4#####** <br /> 4 .03 Liquidated Damages <br /> r <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. Liquidated damages will commence for this portion of <br /> work. The parties also recognize the delays, expense, and difficulties involved in proving in <br /> r a legal proceeding the actual loss suffered by OWNER if the Work is not completed on <br /> time. Accordingly, instead of requiring any such proof, OWNER and CONTRACTOR <br /> agree that as liquidated damages for delay (but not as a penalty), CONTRACTOR shall <br /> pay OWNER $3.5 88.00 for each calendar day that expires after the time specified in <br /> paragraph 4.02 for Substantial Completion until the Work is substantially complete. After <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 $3.5 88.00 for each calendar day that expires <br /> after the time specified in paragraph 4.02 for completion and readiness for final payment <br /> r <br /> until the Work is completed and ready for final 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 . 6, below: <br /> r <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: $ B;.Sfi�1 „ n _ 923 <br /> Written Amount: <br /> r �y rLJl.. . t r. nrA C ' Ck,. P.�r,Pni'S _ <br /> ARTICLE 6 PAYMENT PROCEDURES <br /> r 6.01 Submittal and Processing of Payments <br /> A. CONTRACTOR shall submit Applications for Payment in accordance with Article 14 <br /> of the General Conditions. Applications for Payment will be processed by <br /> ENGINEER as provided in the General Conditions and the Contract Documents. <br /> 00520 - Agreement (Public Works) REV 04-07 <br /> 00520 - 3 <br /> r CADooum end SeeingsVmdeugnOMLocY SetkrasWwroomry knemet FlIes10LK5W0540 - Agreement (Pudic Works) REV 04.07.60C <br />