4.02 Dates for Substantial Completion and Final Payment
The anticipated Commencement date for the contract is on or about March 22, 2021. Project will begin
once a written “Notice to Proceed” is issued.
Substantial Completion shall be by October 15, 2021. Substantial completion is defined in Section 1.01 of
the General Terms and Conditions.
Contract completion shall be by October 31, 2021.
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 SEVEN HUNDRED dollars ($1,700) 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 SEVEN HUNDRED dollars ($1,700) 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:
FOUR MILLION FIVE HUNDRED EIGHTY- FIVE THOUSAND ONE HUNDRED NINETY- FIVE and 00/100 DOLLARS
($4,585,195.00)
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 Schedule of Values;
AG -2o0f7
