Laserfiche WebLink
4.02 Days to Achieve Substantial Completion and Final Payment <br />A. The Work will be substantially completed on or before the 210day 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 240 day after the date when the <br />Contract Times commence to run. <br />4.03 Liquidated Damages <br />A. CONTRACTOR and OWNER recognize that time is of the essence of this Agreement <br />and 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 <br />with Article 12 of the General Conditions. Liquidated damages will commence for this <br />portion of work. The parties also recognize the delays, expense, and difficulties <br />involved in proving in a legal proceeding the actual loss suffered by OWNER if the <br />Work is not completed on time. Accordingly, instead of requiring any such proof, <br />OWNER and CONTRACTOR agree that as liquidated damages for delay (but not as a <br />penalty), CONTRACTOR shall pay OWNER $1,288.00 for each calendar day that <br />expires after the time specified in paragraph 4.02 for Substantial Completion until the <br />Work is substantially complete. After Substantial Completion, if CONTRACTOR shall <br />neglect, refuse, or fail to complete the remaining Work within the Contract Time or any <br />proper extension thereof granted by OWNER, CONTRACTOR shall pay OWNER <br />$1,288.00 for each calendar day that expires after the time specified in paragraph 4.02 <br />for completion and readiness for final payment until the Work is completed and ready <br />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,B, below: <br />A. For all Work, at the prices stated in CONTRACTOR's Bid, attached hereto as an <br />exhibit. <br />B. THE CONTRACT SUM subject to additions and deductions provided in the Contract:: <br />Numerical Amount: $ 1, 491, 080.40 <br />Written <br />One Million Four Hundred Nintety One Thousand Eighty <br />Dollars and Forty Cents. <br />ARTICLE 6 - PAYMENT PROCEDURES <br />Amount: <br />