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
requirmg any such proof, OWNER and CONTRACTOR agree that as liquidated damages for delay (but not
as a penalty) CONTRACTOR shall pay OWNER FIVE HUNDRED TWENTY dollars ($520) 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
FIVE HUNDRED TWENTY dollars ($520) for each calendar each 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 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:
TWO HUNDRED FORTY-TWO THOUSAND FOUR HUNDRED SEVENTY-SEVEN and 00/180 DOLLARS
($242,477)
The Contract Sum shail 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.
ARTICLE 6 - PAYMENT PROCEDURES
6.01 Submittal and Processing of Payments
A. CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the
General Conditions. Applications for Payment will be processed by ENGINEER as provided in the General
Conditions.
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