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., 1." ~ . ......~..I:_-~ " . e ARl1CLE 4 - CON'I1lACI' TIMES 4.01 TIme of the Essence A. An time limits for Milestones, if any, Substantial Completion, and completion and readiness for filial paymem as stated in the Contract Documents are of the essence of the Contract. 4.02 Dares jor SubstOl'llilll Completion D1Ul FinIlI Payment A. The Work will be substantially completed on or before " and completed and ready for final payment in accordance with paragraph 14.07 of the General Conditions OD or before [or} 4.02 Days to Achieve Substtllllial Completion and FUI/Il Payment A. The Work will be substantially completed within ----9..0--. days after the date when the Contract Times commence to run as provided in paragraph 2.03 of the General Conditions, and completed and ready for final payment in accordance with paragraph 14.07 of the General Conditions within Q 0 days after the date when the Contract Tunes commence to run. 4.03 Liquidated Darnoges A. CONTRACTOR and OWNER. recognize that time is of the essence of this Agreement and .that. OWNER wm suffer financial loss if the Work is not completed within.the times specified in'paRgr.i.ph.4'.02':above~..plus.aoy exfeDsions thereof allowed in accordance with Article 12 of the General.Conditions. . The:parties :alsO :recogrli%e the de1aYs~ expeuse. aDd .. difficultles involved in proving in a legal or arbitration:p'rOceeding.the:actual"lDss'SD(fered by.~.OWNER:if'dle;Wort:is',~::,: ",:.;,; completed on time. ,Accordingly, instead of requiring any suchprOOf~ OWNERaml'CONTRAeTOR;agree'Umt'u11lc(uid8ted' ;" damages for delay (1mt not as a penalty), ~ONTRAcrOR"shall-pa.y.OWNER'$ -.- r 2:c;''O':'llO'':for:each'day that:expires"~; " the time specified in paragraph 4.02 for Substantial Completion until; the! W~k~'lnubSta'ntiii1l, Itomplete. . 'After :SubstamW~'; ,:. ., Completion, if CONTRACTOR shall neglect. refuse, or fail to complete 'the remaining Work within the C~tract Tune' 01' my , , proper extension thereof granted by OWNER, CONTRACTOR shall pay OWNER $ $' 2 5 0 . 00 for each day that expira after the time specified in paragraph 4.02 for completion and readiness for final payment until the Work is completed and ready for final payment. ..._~. - NOTE TO USER 1. Where failure to reoch a Milestone on time is of such consequence that the assessment of liquidated dDmages for foilure to reach one or more Milestones on time is to be provided. appropriate omending or supplementing language should be inserted here. ':~'''. . '-