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W <br />M <br />4.02 Days to Achieve Substantial Completion and Final Payment <br />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 />RR!####llRRR*R*****R*}R}R4lRR*IRRRlR!#####**RRRl4R*###*#####***R#!###**RR#!*###*#*******R!!####*R#!#4#####** <br />N <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 />Ilr CADooum eno SeeingsVnrrdeugnOMLocY SethrasWerryore7 knemet FlIes10LK5W0SW- Agreement (Pudic Works) REV 04.07.60C <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 />+• <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 <br />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 <br />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 />until the Work is completed and ready for final payment. <br />r <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 />t. <br />A. For all Work, at the prices stated in CONTRACTOR's Bid, attached hereto as an exhibit. <br />+. <br />B. THE CONTRACT SUM subject to additions and deductions provided in the Contract:: <br />Numerical Amount: $ �;�Sfi�1 „ n _ 923 <br />Written Amount: <br />N <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 />Ilr CADooum eno SeeingsVnrrdeugnOMLocY SethrasWerryore7 knemet FlIes10LK5W0SW- Agreement (Pudic Works) REV 04.07.60C <br />