2000-05-22 Regular Meeting - Laserfiche WebLink

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e e ARTICLE 4 - CONTRACT TIMES 4.01 nme of the Essence A. AU time limits for Milestones, if any, Substantial Completion, and completion and readiness for final payment as stated in the Contract Documents ale of the essence of the Contract. 4.02 Dates for Substantitll Completion and Final Payment A. Thc 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 on or before [orJ 4.02 Days to Achieve Substantitll Completion and Ymal Payment A. The Work will be substantially completed within --9..<1-.- days after the date when the Contract Times commence to nm 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 90 days after the date when the Contract T'unes commence to run. 4.03 Liquidated Damages A. CONTRACTOR and OWNER recognize that time is of the essence of this Agreement and ,that OWNER will suffer financial loss if the Work is not completed within, the times specified in. paragr.i.ph, 4-'<)2:above~plus any extensions thereof allowed in accordance with Article 12 of the General Conditions. ' The parties :atSd. recagriize the delays~ expense. and difficulties involved in proving in a legal or arbitration:prOceeding.the acti1at ~ss suffered by: OWNER' if the Work is.not. ',: completed on time. .Accordingly, instead of requiring any sw;hprOOf~ OWNERand'CQNTRACTOR,agree'\!1auslliip1idatdl' .' damages for delay (lbut not as a penalty), CONTRACfOR'shall pay OWNER$: .." ; '.S"{L' no": for.each. day that:expi:res' afth; .' the time specified in paragraph 4.02 for Substantial CoItlpletion until the Work:.iS"SubStanti31IY1tornplete. 'After .Substantiaf.: ,:" . Completion, if CONTRACTOR shall neglect, refuse, or fail to complete 'the remaining Work Within the Contract Tunc' or any . , proper extension thereof granted by OWNER, CONTRACfOR shall pay OWNER $ $ 250 . 0 0 for each day that expires 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 reach a Milestone on time is of such consequence that the assessment of liquidated dtuTulges for failure to reach one or more Milestones on time is to be provided, appropriate amending or supplementing language should be inserted here.