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B. Liquidated Damaaes <br /> 1. City and Contractor recognize that time is of the essence of this Agreement <br /> and that City will suffer financial loss in the form of lost revenues, contract <br /> administration expenses (including project management and consultants' <br /> expenses), delay and loss of public use, if the Work is not completed within <br /> the time specified in paragraph III.A.1 above plus any extensions thereof <br /> allowed in accordance with the Contract documents. Consistent with Section <br /> 00700 (General Conditions), Contractor and City agree that because of the <br /> nature of 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 completion <br /> of the Work. <br /> 2. Accordingly, City and Contractor agree that Contractor shall pay City Five <br /> Hundred and 00/100 Dollars ($500.00) for each Day that expires after the <br /> time specified in Paragraph III.A.1 of this Section 00520 for Contractor to <br /> achieve Substantial Completion, until such date as contractor achieves <br /> Substantial Completion. <br /> C. Liquidated damages for delay shall only cover and be in lieu of the actual damages <br /> suffered by City as a result of delay referenced above. Liquidated damages shall <br /> 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 (for example, delay claims of other <br /> contractors or subcontractors), and 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 understood the <br /> nature and extent of the Work, Site, locality, 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 furnishing of Work or which <br /> relate to any aspect of the design and the means, methods, techniques, sequences <br /> or procedures of construction 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 Sections and Section 00700 <br /> (General Conditions) of the limited extent of the information contained in these <br /> Sections upon which the Contractor may be entitled to rely. Contractor agrees that <br /> except for the information so identified, Contractor does not and shall not rely on <br /> any other information contained in these Sections. <br /> C. Contractor has considered the physical conditions at or contiguous to the Site or � <br /> otherwise which may affect the cost, progress, perFormance or furnishing of Work, <br /> as Contractor considers necessary for the perFormance or furnishing of Work at the <br /> Contract Sum, within the Contract Time and in accordance with the other terms and <br /> conditions of Contract documents, including specifically the provisions of the <br /> Red Morton Community Center Repairs/Repaint 2 <br />