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<br />ARTICLE 4 - CONTRACT TIMES <br /> <br />4.01 Time of the Essence <br /> <br />A, All time limits for Mileslones. ifany. Substantial Completion, and eompletion and ,eadiness for final payment <br />as staled in the Contract Documenls are of the essenee of the Contrael. <br /> <br />4,02 <br /> <br />Dotes for Substantial Completion and Final Payment <br /> <br />( )Yes or ( )No <br /> <br />A. The Work will be substanlially completed on or befo,e " and <br />eompleted and ready for final payment in accordanee with paragraph 14,07 of the Gene,al Conditions on or before <br /> <br />4.03 <br /> <br />Days to Achieve Substantial Completion and Final Payment <br /> <br />(X)Yesor( )No <br /> <br />A, The Work will be substanlially eomp1eted within 120 days after the date when lhe Contrael Times <br />co=ence to run as p,ovided in paragraph 2,03 of the General Condilions, and eompleted and ready for fmal payment <br />in aeeordance with paragraph 14.07 of the General Condilions within 120 days after the date when lhe Contract <br />Times commence to run. <br /> <br />4.04 Liquidated Damages <br /> <br />A. CONTRACTOR and OWNER recognize thai lime is oflhe essence Oflhis Agreemenl and lhat OWNER will <br />suffer finaneialloss if the Work is not eompleted within the times specified in paragraph 4.02 above, plus any extensions <br />thereof allowed in aeco,dance with Article 12 of the General Conditions. The parties also recognize lhe delays, expense. <br />and difficulties involved in proving in a legal or arbitralion proeeeding the actual loss suffered by OWNER iflhe Work is <br />not completed on lime. Aceo,dingly, inslead of requiring any such proof, OWNER and CONTRACTOR shall pay OWNER <br />$ 100 for eaeh day that expires after the time specified in paragraph 4.02 for Substantial Completion untillhe Wo,k <br />is substanlially complete. After Substantial Complelion, if CONTRACTOR shall neglect, refuse, or fail to complete the <br />remt.ining Work within the Contraet Time or any proper extension thereof granted by OWNER, CONTRACTOR shall pay <br />OWNER $ 100 for each day that expires after the time specified in paragraph 4.02 for eompletion and readiness <br />fo, final payment until the Work is eompleted and ready for final payment. <br /> <br />ARTICLE 5 - CONTRACT PRICE <br /> <br />5,0 I OWNER shall pay CONTRACTOR for eompletion oflhe Work in aceordanee with lhe Conlract Documents an <br />amount in eurrent funds equal to lhe sum of the amount determined pursuant 10 paragraphs 5.0I.A, 5,0I.B, and 5.01.C <br />below: <br /> <br />( )Yes 0' ( X)No <br />A. For all Work other lhan Unil Price Work, a Lump Sum of: <br /> <br />$ <br /> <br />( use words) <br /> <br />(figu,e) <br /> <br />All specified eash allowances are in eluded in the above priee and have been computed in aeeordanee with <br />paragraph 11.02 of the General Conditions, <br /> <br />(X)Yesor( )No <br />B. For all Unit Price Work, at the actual quantilies eonslrueted and aceepted at the unit priees bid in the Bid <br />Proposa I <br /> <br />2 <br />