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Co Insert a new Paragraph 8 . 5 as follows : <br /> 8 . 5 "TIMELY ACCOMPLISHMENT OF WORK AND LIQUIDATED DAMAGES " <br /> 8 . 5 . 1 It is the intent of the Owner to award the Contract immediately after <br /> receipt of Bids , providing the Bids received are within funds available . <br /> 8 . 5 . 2 The Contractor shall commence work within five calendar days after <br /> receipt of "Notice to Proceed " unless otherwise stipulated in said notice and shall <br /> be substantially complete within 60 calendar days . The final completion date <br /> will be 10 calender days after the substantial completion date . <br /> 8 . 5 . 3 If the Contractor shall fail to complete the Work within the time specified, <br /> or any proper extension thereof granted by the Owner, then the Contractor agrees <br /> that such failure constitutes a breach . The Contractor agrees that the Owner may <br /> elect to forbear its right to terminate for cause under Article 13 . 2 , or to take other <br /> corrective actions such as the right to carry out the work authorized by Article <br /> 2 . 4 , and in consideration of the Owner ' s forbearance the Contractor agrees to pay <br /> the Owner the fixed amount of $ 200 for each day of delay as liquidated damages . <br /> The Contractor agrees that the liquidated damages may be deducted by the <br /> Owner from any funds that are otherwise owed to the Contractor and not yet <br /> paid . The parties agree that time is of the essence in this Contract, and that the <br /> above amount is fixed and agreed upon due to the impracticality and extreme <br /> difficulty of fixing and ascertaining the actual damages the Owner would sustain <br /> in the event of such delay . Actual damages may include but not necessarily <br /> limited to rental and/or other expenses of the use of other facilities , loss of grant <br /> money or other revenues, loss of the use of capital and additional interest expense <br /> and financing cost and claims by other parties in contract with the Owner for <br /> their delay expenses . <br /> 8 . 5 . 4 The Contractor shall notify his surety in writing of any extension( s ) of time <br /> that may be granted . <br /> VIII . MODIFICATIONS OF ARTICLE 9 - PAYMENTS AND COMPLETION <br /> A . Paragraph 9 . 3 "APPLICATIONS FOR PAYMENT " <br /> 1 . In Subparagraph 9 . 3 . 1 , delete the words "At least ten days " and replace them <br /> with "At least thirty days " . <br /> 2 . Insert at the end of Subparagraph 9 . 3 . 1 the following : Applications for payment <br /> referenced in this Subparagraph 9 . 3 . 1 of the GENERAL CONDITIONS shall be <br /> submitted to the Architect on the Owner 's standard form and shall include the <br /> Schedule of Values and Progress Schedule as described in Paragraph 3 . 10 herein , <br /> adjusted from the original to show actual conditions at time of submission of <br /> Application for Payment . <br /> 3 . Delete Subparagraph 9 . 3 . 2 in its entirety and substitute in its stead the following <br /> new Subparagraph 9 . 3 . 2 : <br /> 9 . 3 . 2 Subject to issuance of Certificates of payment, payments will become due <br /> and payable each month in accordance with the provisions of the GENERAL <br /> CONDITIONS in the amount of ninety percent of the proportion of the Contract <br /> SGC - 12 <br />