4.02 Dates for Substantial Completion and Final Payment
Project will begin once a written “Notice to Proceed” is issued.
Substantial Completion shall be 180 __ calendar days from the Notice to Proceed and Final
Completion shall be __240 _ calendar days from the Notice to Proceed
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
preceding 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 THOUSAND dollars ($1,000) for each calendar 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 THOUSAND dollars ($1,000) for each calendar day that expires after the time specified in paragraph
4.02 for completion and readiness for final payment until the Work is completed and ready for final
payment.
B. In the event that the CONTRACTOR fails to pay OWNER the specified liquidated damages
amount within thirty (30) days of CONTRACTOR's being notified of said damages, OWNER may deduct the
amount of the assessed liquidated damages from the final payment or retention withheld pursuant to
Article 14 of the General Conditions.
ARTICLE 5 - CONTRACT PRICE
5.01 Subject to additions and deductions by Change Order, the OWNER shall pay CONTRACTOR, in
accordance with the Contract Documents, the Contract Sum of:
DOLLARS
($ )
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 Schedule of Values;
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.
AG -2o0f7
