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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 Amount: <br /> One Million Four Hundred Nintety One Thousand Eighty <br /> Dollars and Forty Cents . <br /> ARTICLE 6 - PAYMENT PROCEDURES <br /> Agneement.doc <br /> 00620 - 3 <br /> P%PurchasinglBids12007-2008 FY (2008000)12008073 Park and Dwinap I gmover m fa 171h Lana 8W (Falcon Trace ProjecOtAWeementdoc <br />