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The CONTRACTOR hereby agrees to commence work within ten (10) days after the <br />date written notice to do so shall have been given to him, and to substantially complete <br />the same within one hundred twenty (120) calendar days after the date of the written <br />notice to commence work, subject to the extensions of time as are provided by the <br />General Conditions of the contract. <br />OWNER and CONTRACTOR recognize that time is of the essence and that OWNER <br />will suffer financial loss if the work contemplated in the Project is not completed within <br />the time specified plus any extensions allowed in change orders granted pursuant to the <br />General Conditions. OWNER and CONTRACTOR recognize the delays, expenses and <br />difficulties involved in proving the actual loss suffered by OWNER if the work to be <br />completed in the Project is not completed on time. Accordingly, instead of requiring <br />any such proof, OWNER and CONTRACTOR agree that as liquidated damages for <br />delay (but not as a penalty), CONTRACTOR shall pay OWNER Two Hundred Fifty <br />Dollars ($250.00) per calendar day for each day that expires after the time specified <br />herein for completion of the work. <br />IN WITNESS THEREOF, the parties to these presents have executed this Agreement in <br />the year and day first above written. <br />Party, First Part (OWNER) <br />By: <br />ATTEST: <br />(SEAL) <br />Party, Second Part (CONTRACTOR) <br />By: <br />ATTEST: <br />(SEAL) <br />SECTION IV - 2 <br />11 350 <br />