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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 165 day after the date when the <br /> 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 195 day after the date when the Contract <br /> Times commence to run . <br /> 4 . 03 Days to Achieve Final Completion and Final Payment <br /> A. The Work will be fully completed (Final Completion ) and ready for final payment in <br /> accordance with paragraph 14 . 07 of the General Conditions on or before the 195 day after <br /> the date when the Contract Times commence to run as provided in paragraph 2 . 03 of the <br /> General Conditions . <br /> 4 . 04 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. Liquidated damages will commence for this portion of <br /> work . The parties also recognize the delays , expense , and difficulties involved in proving in <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 $.2 121 . 00 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 $ 2 . 121 . 00 for each calendar day that <br /> expires after the time specified in paragraph 4 . 02 for completion and readiness for final <br /> payment until the Work is completed 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 . B , 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 /> Numerical Amount: $ 648 , 869 . 41 <br /> Written Amount : Six Hundred Forty Eight Thousand Eight Hundred Sixty <br /> Nine Dollars and Forty One Cents <br /> 00520 - Agreement (Public Works) <br /> 00520 - 3 <br /> FAEngineering\Capital Proje st0217-Powerline RoadlBid DocumentsW0520 - Agreemeot (Public Worke).doc <br />