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�i�--�. <br /> 1. Contractor shall achieve Substantial Completion of the Work within 45 <br /> Calendar Days from the date the Contract Time commences to run. <br /> B. Liquidated Dama4es � <br /> 1. City/Agency and Contractor recognize that time is of the essence of this <br /> Agreement and that City/Agency will suffer financial loss in the form of lost <br /> , revenues, contract administration expenses (including project management <br /> , and consultants' expenses), delay and loss of public use, if the Work is not <br /> completed within the time specified in paragraph III.A.1 above plus any <br /> extensions thereof allowed in accordance with the Contract Documents. •' <br /> Consistent with Document 00700 (General Conditions), Contractor and <br /> City/Agency agree that because of the nature of the Project, it would be <br /> impractical or extremely difficult to fix the amount of actual damages incurred <br /> by City/Agency because of a delay in completion of the Work. <br /> 2. Accordingly, City/Agency and Contractor agree that Contractor shalf pay <br /> City/Agency Five Hundred and No/100 Dollars ($500.00) for each Day that <br /> expires after the time specified in Paragraph ItI.A.1 of this Document 00520 <br /> for Contractor to achieve 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 damages <br /> suffered by City/Agency as a result of delay referenced above. Liquidated damages <br /> shall not cover the cost of completion of the Work, damages resulting from defective <br /> work, cost of temporary replacement facilities, damages suffered by others who <br /> then seek to recover their damages from City/Agency (for example, delay claims of <br /> other contractors or subcontractors), and defense costs thereof. <br /> IV. CITY/AGENCY'S ENGINEER AND REPRESENTATIVES <br /> Reserved <br /> V. CONTRACTOR'S REPRE�ENTATIONS AND WARRANTIES <br /> In order to induce City/Agency to enter into this Agreement, . Contractor makes the <br /> following representations and waRanties: <br /> A. Contractor has visited the Site and has examined thoroughty and understood the <br /> nature and extent of the Work, Site, IocaliYy, actual conditions, as built conditions, <br /> and all local conditions and federal, state and local laws and regulations that in any <br /> manner may affect cost, progress, performance or fumishing of Work or which <br /> relate to any aspect of the design and th� means, methods, techniques, sequences <br /> or procedures ofi eonstruction to be employed by Contractor and safety precautions <br /> and programs incident thereto. <br /> B. Contractor has examined thoroughly and understood all reports of exploration and <br /> tests of subsurface conditions, drawings or reports, available for design and <br /> construction purposes, of physical conditions, or which may be apparent at the Site <br /> and accepts the determination set forth in these c�ocuments and Document 00700 <br /> (General Conditions) of the limited extent of the information contained in these <br /> documents upon which the Contractor may be entitled to rely. Contractor agrees <br /> that except for the information so identified, Contractor does not and shall not rely <br /> on any other information contained in these documents. <br /> Atty/Ag r/2005.016 � <br /> 050205 Page 2 of 4 <br />