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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 />Contractor shall achieve Substantial Completion of the Work within <br />Two Hundred Fifty (250) Calendar Days from the date the Contract <br />Time commences to run. <br />B. Liquidated Damages <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 <br />paragraph III.A.1 above plus any extensions thereof allowed in <br />accordance with the Contract Documents. Consistent with Document <br />00700 (General Conditions), Contractor and City agree that because <br />of the nature of the Project, it would be impractical or extremely <br />difficult to fix the amount of actual damages incurred by City because <br />of a delay in completion of the Work. <br />2. Accordingly, City and Contractor agree that Contractor shall pay City <br />Five Thousand and No/100 Dollars ($5,000.00) for each Day that <br />expires after the time specified in Paragraph III.A.1 of this Document <br />00520 for Contractor to achieve Substantial Completion, until such <br />date as 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 />V. CONTRACTOR'S REPRESENTATIONS AND WARRANTIES <br />In order to induce City to enter into this Agreement, Contractor makes the following <br />representations and warranties: <br />A. Contractor has visited the Site and has examined thoroughly and <br />understood the nature and extent of the Work, Site, locality, actual <br />conditions, as built conditions, and all local conditions and federal, state and <br />local laws and regulations that in any manner may affect cost, progress, <br />performance or furnishing of Work or which relate to any aspect of the <br />design and the means, methods, techniques, sequences or procedures of <br />construction to be employed by Contractor and safety precautions and <br />