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Times commence to run as provided in paragraph 2 . 03 of the General Conditions (and <br /> Supplementary Conditions if applicable ) . <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 (and Supplementary Conditions if applicable ) . The <br /> parties also recognize the delays , expense , and difficulties involved in proving in a legal <br /> ' proceeding the actual loss suffered by OWNER if the Work is not completed on time . <br /> Accordingly, instead of requiring any such proof, OWNER and CONTRACTOR agree that <br /> as liquidated damages for delay (but not as a penalty) , CONTRACTOR shall pay OWNER <br /> ' $ 100 for each calendar day that expires after the time specified in paragraph 4 . 02 for Final <br /> Completion , until the Work is finally complete 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 /> 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 /> ' PART 1 = Numerical Amount: $ 119 . 194 . 94 <br /> Written Amount: ONE HUNDRED NINETEEN THOUSAND ONE HUNDRED <br /> ' NINETY FOUR DOLLARS AND NINETY FOUR CENTS <br /> PART 2 = Numerical Amount: $ 229400 . 00 <br /> Written Amount: TWENTY TWO THOUSAND FOUR HUNDRED DOLLARS <br /> 1 ARTICLE 6 = PAYMENT PROCEDURES <br /> 6 . 01 Submittal and Processing of Payments <br /> A. CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the <br /> General Conditions (and Supplementary Conditions if applicable ) . Applications for <br /> ' Payment will be processed by ENGINEER as provided in the General Conditions (and <br /> Supplementary Conditions if applicable ) . <br /> ' 6 . 02 Progress Payments; Retainage <br /> A. OWNER shall make progress payments on account of the Contract Price on the basis of <br /> CONTRACTOR's Applications for Payment at intervals not less than once each month <br /> during performance of the Work as provided in paragraph 6 . 02 .A. 1 below. All such <br /> payments will be measured by the schedule of values established in paragraph 2 . 07 . A of <br /> the General Conditions (and Supplementary Conditions if applicable) (and in the case of <br /> 00520 - Agreement (Public Works).doc <br /> 00520 - 3 HARMONY OAKS <br /> FAPublic WorksWeithM\Stormwater Projects\Harmony Oaks Mitigation Project\Construction Contract\Bidding and Construction Contract Documents\00520 - Agreement <br /> (Public <br /> Works).doc Rev. 05/01 <br />