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<br />III. <br /> <br />CONTRACT TIME AND LIQUIDATED DAMAGES <br /> <br />A. <br /> <br />Contractor shall complete ìr,aì.\'u,Î< 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 /> <br />1. <br /> <br />C. <br /> <br />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 /> <br />B. <br /> <br />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 /> <br />2. <br /> <br />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 /> <br />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 /> <br />IV. <br /> <br />CITY'S ENGINEER AND REPRESENTATIVES <br />Reserved <br />