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<br />III. CONTRACT TIME AND LIQUIDATED DAMAGES <br /> A. Contractor shall complete the Work within the following Schedule reflecting <br /> the date the Contract Time commences to run as set forth in Section 00550 <br /> (Notice to Proceed) and Section 00700 (General Conditions); and <br /> 1. Contractor shall achieve Substantial Completion of the Work in <br /> phases for 365 Calendar day or the full contract amount, each <br /> phase shall have 30 calendar day from notice to proceed for that <br /> phase from the date the Contract Time commences to run. <br /> B. Liquidated Damaqes <br /> 1. City and Contractor recognize that time is of the <br /> essence of this Agreement and that City will suffer <br /> financial loss in the form of lost revenues, contract <br /> administration expenses (including project <br /> management and consultants' expenses), delay <br /> and loss of public use, if the Work is not completed <br /> within the time specified in paragraph 3.1 above <br /> plus any extensions thereof allowed in accordance <br /> with the Contract Documents. Consistent with <br /> Document 00700 (General Conditions), Contractor <br /> and City agree that because of the nature of the <br /> Project, it would be impractical or extremely difficult <br /> to fix the amount of actual damages incurred by <br /> City because of a delay in completion of the Work. <br /> 2. Accordingly, City and Contractor agree that <br /> Contractor shall pay City Five Hundred and No/100 <br /> Dollars ($500.00) for each Day that expires after <br /> the time specified in Paragraph 3.1 of this <br /> Document 00520 for Contractor to achieve <br /> Substantial Completion, until such date as <br /> contractor achieves Substantial Completion. <br /> C. Liquidated damages for delay shall only cover and be in lieu of the actual <br /> damages suffered by City as a result of delay referenced above. Liquidated <br /> damages shall not cover the cost of completion of the Work, damages <br /> resulting from defective work, cost of temporary replacement facilities, <br /> damages suffered by others who then seek to recover their damages from <br /> City (for example, delay claims of other contractors or subcontractors), and <br /> defense costs thereof. <br />IV. CITY'S ENGINEER AND REPRESENTATIVES <br /> Reserved <br />AGREEMENT 00200-2 <br /> . .._,~ <br />- <br />