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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. Subslantial Completion, and eompletion and readiness for final payment <br />as stated in the Contract Documenls are of the essenee of the Contract. <br /> <br />4.02 <br /> <br />Dotes for Substantial Completion and Final Payment <br /> <br />( )Yes or ( )No <br /> <br />A. The Wo,k will be substantially compleled on or before " and <br />eompleted and ready for final payment in accordanee with paragraph 14.07 oflhe General Conditions on or before <br /> <br />4.03 <br /> <br />Days to Achieve Substantial Completion and Final Payment <br /> <br />(X )Yes or ( )No <br /> <br />A. The Work will be subslantially eompleted within 120 days after the date ,.hen lhe Contrael Times <br />eom.mence to run as p,ovided in paragraph 2.03 of the General Conditions, and eompleted and ready for final paymenl <br />in aeeordance with paragraph 14,07 of the General Conditions within 120 days after the date when lhe Contract <br />Times eommenee 10 run. <br /> <br />4.04 Liquidated Damages <br /> <br />A, CONTRACTOR and OWNER recognize thai time is oflhe essenee oflhis Agreemenl and lhat OWNER will <br />suffer tinancial loss if the Work is not completed within the times specified in paragraph 4.02 above, plus any exlensions <br />thereofallowed in accordanee with Article 12 of the General Conditions. The parties also recognize the delays, expense, <br />and difficulties involved in proving in a legal 0' arbitration proceeding the aetualloss suffered by OWNER iflhe Work is <br />not eompleted on lime, Accordingly, inslead of requiring any such proof, OWNER and CONTRACTOR shall pay OWNER <br />$ 100 fa, each clay that expires after the lime specified in paragraph 4.02 for Substantial Completion until the Work <br />is substantially eomp1ele, After Substantial Complelion, if CONTRACTOR shall negleet, refuse, or fail 10 eomplete lhe <br />remo.ining Wo,k within the Contract Time or any proper extension thereof granted by OWNER, CONTRACTOR shall pay <br />OWNER $ 100 for each day lhat expires after lhe lime specified in paragraph 4.02 for eompletion and readiness <br />for tinal payment until the Work is eompleted and ready for final payment. <br /> <br />ARTICLE 5 - CONTRACT PRICE <br /> <br />':. <br /> <br />5.01 OWNER shall pay CONTRACTOR for eomplelion of the Wo,k in aeeorclanee wilh the Cont,act DocumenlS an <br />amount in eurrent funds equal to lhe sum oflhe amount delermined pursuant 10 paragraphs 5.0 I.A, 5,0 I.B, and 5.0 I,C <br />below: <br /> <br />( )Yes or ( X)No <br />A. For all Work other lhan Unit Priee Work, a Lump Sum of: <br /> <br />$ <br /> <br />( use words) <br /> <br />(figure) <br /> <br />All specified cash allowanees are included in the above price and have been computed in aeeordanee with <br />paragraph 11.02 of the General Condilions, <br /> <br />(X)Yesor( )No <br />B. For all Unit Priee Wo,k, at lhe actual quantities eonslrueted and aceepted at the unit priees bid in the Bid <br />Proposal <br /> <br />2 <br />