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(Notice to Proceed) and Section 00700 (General Conditions); and 1. Contractor shall achieve Substantial Completion of the Work within 365 Calendar Days from the date the Contract Time commences to run. B. liquidated Damaaes 1. City and Contractor recognize that time is of the essence of this Agreement and that City will suffer financial loss in the form of lost revenues, contract administration expenses (including project management and consultants' expenses), delay and loss of public use, if the Work is not completed within the time specified in paragraph III.A.1 above plus any extensions thereof allowed in accordance with the Contract documents. Consistent with Section 00700 (General Conditions), Contractor and City agree that because of the nature of the Project, it would be impractical or extremely difficult to fix the amount of actual damages incurred by City because of a delay in completion of the Work. 2. Accordingly, City and Contractor agree that Contractor shall pay City $500.00 for each Day that expires after the time specified in Paragraph III.A.1 of this Section 00520 for Contractor to achieve Substantial Completion, until such date as contractor achieves Substantial Completion. C. Liquidated damages for delay shall only cover and be in lieu of the actual damages suffered by City as a result of delay referenced above. Liquidated damages shall not cover the cost of completion of the Work, damages resulting from defective work, cost of temporary replacement facilities, damages suffered by others who then seek to recover their damages from City (for example, delay claims of other contractors or subcontractors), and defense costs thereof. D. Contract Period and Price Adjustments The contract shall cover a one (1) year period from approximately December 14, 2009 through December 14, 2010. This contract may be extended by the City for up to four (4) consecutive years at the discretion and approval of the City. The City shall notify the Contractor in writing of the intent to extend the contract by June 1 st of the current contract year. The price may be increased up to 50/0 from the preceding year based on approval by the City. The City in its discretion may base increases in the contract price on relevant fluctuations in the Construction Cost Index for the San Francisco Bay Area in the Engineering News Record. E. The Contractor shall prepare all bonds and insurance documents in a timely manner to facilitate the contract extension. IV. CITY'S ENGINEER AND REPRESENTATIVES Reserved