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<br />III. <br /> <br />CONTRACT TIME AND LIQUIDATED DAMAGES <br /> <br />A. <br /> <br />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 /> <br />1. Contractor shall achieve Substantial Completion of the Work within <br />Sixty (60) Calendar Days from the date the Contract Time commences <br />to run. <br /> <br />B. <br /> <br />liquidated Damaqes <br />1. City and Contractor recognize that time is of the essence of this <br />Agreement and that City will suffer financial loss in the form of lost <br />revenues, contract administration expenses (including project <br />management and consultants' expenses), delay and loss of public <br />use, if the Work is not completed within the time specified in paragraph <br />1I1.A.1 above plus any extensions thereof allowed in accordance with <br />the Contract Documents. Consistent with Document 00700 (General <br />Conditions), Contractor and City agree that because of the nature of <br />the Project, it would be impractical or extremely difficult to fix the <br />amount of actual damages incurred by City because of a delay in <br />completion of the Work. <br /> <br />2. <br /> <br />Accordingly, City and Contractor agree that Contractor shall pay City <br />One Thousand and No/100 Dollars ($1,000.00) for each Day that <br />expires after the time specified in Paragraph 1I1.A.1 of this Document <br />00520 for Contractor to achieve Substantial Completion, until such <br />date as contractor achieves Substantial Completion. <br /> <br />c. <br /> <br />Liquidated damages for delay shall only cover and be in lieu of the actual <br />damages suffered by City as a resultof 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 /> <br />V. <br /> <br />ATTY/AGR/2006.016 <br />041206 <br /> <br />CONTRACTOR'S REPRESENTATIONS AND WARRANTIES <br /> <br />In order to induce City to enter into this Agreement, Contractor makes the following <br />representations and warranties: <br /> <br />A. <br /> <br />Contractor has visited the Site and has examined thoroughly and understood <br /> <br />sllibrary/agreementslaward/Award_Fleishman Park <br /> <br />2 <br />