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12 <br /> 4.03 Liquidated Damages <br /> A. Contractor and Owner recognize that time is of the essence of this Agreement and that Owner will suffer financial loss <br /> if the Work is not completed within the times specified in Paragraph 4.02 above,plus any extensions thereof allowed <br /> in accordance with Article 12 of the General Conditions. The parties also recognize the delays, expense, and <br /> difficulties involved in proving in a legal or arbitration proceeding the actual loss suffered by Owner if the Work is not <br /> completed on time. Accordingly, instead of requiring any such proof, Owner and Contractor agree that as liquidated <br /> damages for delay (but not as a penalty), Contractor shall pay Owner$500_00 for each day that expires after the time <br /> specified in Paragraph 4.02 for Substantial Completion until the Work is substantially complete. After Substantial <br /> Completion, if Contractor shall neglect, refuse,or fail to complete the remaining Work within the Contract Time or <br /> any proper extension thereof granted by Owner, Contractor shall pay Owner$500.00 or each day that expires after the <br /> time specified in Paragraph 4.02 for completion and readiness for final payment until the Work is completed and ready <br /> for final payment. <br /> B. Failure of the Contractor to commence construction within ten (10) days of the Notice to Proceed shall begin a daily <br /> penalty to the Contractor at a rate of fifty percent(50%)of the daily liquidated damages specified in Paragraph 4.03(A). <br /> ARTICLE 5-CONTRACT PRICE <br /> 5.01 Owner shall pay Contractor for completion of the Work in accordance with the Contract Documents an amount in <br /> current funds equal to the sum of the amounts determined pursuant to Paragraphs 5.01.A, 5.01.B, and 5.01.0 below: <br /> A. For all Work other than Unit Price Work, a Lump Sum of: <br /> ($ ) <br /> (words) (numerals) <br /> All specific cash allowances are included in the above price and have been computed in accordance with paragraph <br /> 11.02 of the General Conditions. <br /> B. For all Unit Price Work, an amount equal to the sum of the established unit price for each separately identified item of <br /> Unit Price Work times the estimated quantity of that item as indicated in this paragraph 5.01.B: <br /> As provided in Paragraph 11.03 of the General Conditions, estimated quantities are not guaranteed, and determinations <br /> of actual quantities and classifications are to be made by Engineer as provided in Paragraph 9.07 of the General <br /> Conditions. Unit prices have been computed as provided in Paragraph 11.03 of the General Conditions. <br /> UNIT PRICE WORK <br /> SEE ATTACHED SCHEDULE OF BID ITEMS <br /> TOTAL OF ALL ESTIMATED PRICES: <br /> (words) (numerals) <br /> EJCDC C-520 Suggested Form of Agreement Between Owner and Contractor for Construction Contract(Stipulated Price) <br /> Copyright 8 2002 National Society of Professional Engineers for EJCDC. All rights reserved. <br /> 00520-2 <br />