4.02 Dates for Substantial Completion and Final Payment
A. The Work will be substantially completed within 90 calender days after the date when the Contract Times
commence to run as provided in paragraph 2.03 of the General Conditions, and completed and ready for final payment,
in accordance with paragraph 14.07 of the General Conditions, within 120 calendar days after the date when the Contract
Times commence to run.
4.03 Liquidated Damages
A. CONTRACTOR and OWNER recognize that time is of the essence of this Agreement and
that OWNER will suffer financial loss if the Work is not completed within the times specified in paragraph 4.02 above,
plus any extensions thereof allowed in accordance with Article 12 of the General Conditions. The parties also recognize
the delays, expense and difficulties involved in proving in a legal or arbitration proceeding the actual loss suffered by
OWNER if the Work is not completed on time. Accordingly, instead of requiring any such proof, OWNER and
CONTRACTOR agree that as liquidated damages for delay (but not as a penalty) CONTRACTOR shall pay
OWNER ONE HUNDRED dollars ($100) for each day that expires after the time specified in paragraph 4.02 for
Substantial Completion until the Work is substantially complete. After Substantial Completion, if CONTRACTOR
shall neglect, refuse or fail to complete the remaining Work within the time specified in paragraph 4.02 for completion
and readiness for final payment or any proper extension thereof granted by OWNER, CONTRACTOR shall pay
OWNER ONE HUNDRED dollars ($100) for cach day that expires after the time specified in paragraph 4.02 for
completion and readiness for final payment until the Work is completed and ready for final payment.
B. In the event that the CONTRACTOR fails to pay OWNER the specified liquidated damages amount
within thirty (30) days of CONTRACTOR's being notified of said damages, OWNER may deduct the amount of the
assessed liquidated damages from the final payment or retention withheld pursuant to Article 14 of the General
Conditions.
ARTICLE 5 - CONTRACT PRICE
5.01 Subject to additions and deductions by Change Order, the OWNER shall pay CONTRACTOR, in accordance
with the Contract Documents, the Contract Sum of:
One million one hundred twenty nine thousand seven hundred ten dollars and no cents ($1,129.710.00)
The Contract Sum shall include all items and services necessary for the proper execution and completion of the Work
determined below:
A. for all Unit Price Work, an amount equal to the sum of the established Unit Price for each separately
identified item of Unit Price Work times the estimated quantity of that item, as indicated in the attached Bid Schedule:
B. as provided in paragraph 11.03 of the General Conditions estimated quantities are not guaranteed, and
determinations of actual quantities and classification are to be made by ENGINEER as provided in paragraph 9.08 of
the General Conditions. Unit prices have been computed as provided in paragraph 11.03 of the General Conditions.
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