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7 <br /> 3.03 Liquidated Damages <br /> A. Contractor and Owner recognize that time is of the essence and that Owner will suffer <br /> financial loss if the Work is not completed within the times specified in Paragraph 3.02 <br /> above, plus any extensions thereof allowed in accordance with Article 12 of the <br /> General Conditions. The parties also recognize the delays, expense, and difficulties <br /> involved in proving in a legal proceeding the actual loss suffered by Owner if the Work <br /> is not completed on time. Accordingly, instead of requiring any such proof, Owner and <br /> Contractor agree that as liquidated damages for delay(but not as a penalty), Contractor <br /> shall pay Owner$1,000.00 for each calendar day that expires after the time specified in <br /> Paragraph 3.02 above for Substantial Completion until the Work is substantially <br /> complete. After Substantial Completion, if Contractor shall neglect, refuse, or fail to <br /> complete the remaining Work within the Contract Time or any proper extension thereof <br /> granted by Owner, Contractor shall pay Owner $800.00 for each calendar day that <br /> expires after the time specified in Paragraph 3.02 above for completion and readiness <br /> for final payment until the Work is completed and ready for final payment. <br /> ARTICLE 4— CONTRACT PRICE <br /> 4.01 Owner shall pay Contractor for completion of the Work in accordance with the Contract <br /> Documents an amount equal to the sum of the amounts determined pursuant to <br /> Paragraphs 4.01.A, and 4.01.B below: <br /> A. For lump sum work an amount equal to the percentage completed of specific items of <br /> work provided by the Contractor as a schedule of values for the Lump Sum work. <br /> B. For all Unit Price Work, an amount equal to the sum of the established unit price for <br /> each separately identified item of Unit Price Work times the actual quantity of that <br /> item. The unit price for each item is as supplied in the Bid for the project. <br /> ARTICLE 5—PAYMENT PROCEDURES <br /> 5.01 Submittal and Processing of Payments <br /> A. Contractor shall submit Applications for Payment in accordance with Article 14 of the <br /> General Conditions. Applications for Payment will be processed by Engineer as <br /> provided in the General Conditions. <br /> 5.02 Progress Payments; Retainage <br /> A. Owner shall make progress payments on account of the Contract Price on the basis of <br /> Contractor's Applications for Payment on or about the 25th day of each month during <br /> performance of the Work as provided in Paragraph 5.02.A.1 below. All such payments <br /> will be measured by the schedule of values established as provided in Paragraph 2.07.A <br /> of the General Conditions (and in the case of Unit Price Work based on the number of <br /> units completed). <br /> 1. Prior to Substantial Completion, progress payments will be made in an amount <br /> equal to the percentage indicated below but, in each case, less the aggregate of <br /> EJCDC C-520 Modified Form of Agreement Between Owner and Contractor for Construction Contract(Stipulated Price) <br /> Copyright©2007 National Society of Professional Engineers for EJCDC.All rights reserved. <br /> Page 2 of 7 <br />