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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 time specified in Paragraph 3 . 1 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 , 678 , 000 . 00 <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 <br /> provided in the General Conditions . <br /> 5 . 1 Progress Payments . OWNER shall make progress payments on account of the <br /> Contract Price on the basis of CONTRACTOR' S Applications for Payment as <br /> recommended by ENGINEER , on or about the 30th day of each month during construction <br /> as provided below. The OWNER shall retain ten ( 10) percent of the payment amounts <br /> due to the CONTRACTOR until final completion and acceptance of all Work to be <br /> performed by the CONTRACTOR under the Contract Documents . Each request for a <br /> partial payment shall be submitted on an Application for Payment Form , which shall be <br /> accompanied by a executed copy of the Certification of Contractor. The OWNER will <br /> provide the forms . All progress payments will be on the basis of the progress of the work <br /> measured by the schedule of values established in Paragraph 2 . 05B and 2 . 07 of the <br /> General Conditions (and in the case of Unit Price Work based on the number of units <br /> completed) , or, in the event there is no schedule of values , as provided in the General <br /> Requirements . <br /> 5 . 1 . 1 Prior to Substantial Completion , progress will be made in an amount equal <br /> to the percentage indicated below, but, in each case , less the aggregate of <br /> payments previously made and less such amounts as ENGINEER shall determine , <br /> or OWNER may withhold , in accordance with Paragraph 14 . 02 of the General <br /> Conditions . <br /> 00530-3 <br /> \\Admin-i7etgvfsg\general_data\Company\59013 - Indian River County\Contract\00530 EJCDC - Agreement between Owner and <br /> Contractor. doc <br />