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Arden Manor Park and Floral Park Improvements AGREEMENT 20-PARK-003; 22-PARK-001 2 of 5 surfacing may take place in Spring of 2024. Final completion for this work must take place prior to May 15, 2024. 4.02 All time limits for Milestones, if any, Substantial Completion, and completion and readiness for final payment as stated in the Contract Documents are of the essence of the Contract. 4.03 Liquidated Damages: Contractor and Owner recognize that time is of the essence as stated above and that Owner will suffer financial and other losses if the Work is not completed and Milestones not achieved within the times specified in Paragraph 3.01 above, plus any extensions thereof allowed in accordance with the Contract. The parties also recognize that delays, expense, and difficulties involved in proving in a legal or arbitration proceeding the actual loss suffered by Owner if the Work is not completed on time. Accordingly, instead of requiring any such proof, Owner and Contractor agree that as liquidated damages for delay, but not as a penalty; A. Substantial Completion: Contractor shall pay Owner $200.00 for each day that expires after the time specified in Paragraph 3.01 above for Substantial Completion until the Work is substantially complete, as duly adjusted pursuant to the Contract. B. Completion of Remaining Work: After Substantial Completion, if Contractor shall neglect, refuse, or fail to complete the remaining Work within the Contract Time for completion and readiness for final payment, as duly adjusted pursuant to the Contract, Contractor shall pay Owner $300.00 for each day that expires after such time until the Work is completed and ready for final payment. C. Liquidated damages for failing to timely attain Substantial Completion and final completion are not additive and will not be imposed concurrently. ARTICLE 4 – CONTRACT PRICES 4.01 4.02 4.03 4.04 The Owner shall pay the Contractor for the performance of this Agreement according to the schedule of approximate quantities and unit prices as set out in the Contract Documents submitted by the Contractor on June 5. 2023, the aggregate of which is estimated to be $816,523.35. The Contract shall include Schedule A items as provided on the Proposal Form. Payment is based an amount equal to the sum of the extended prices, established for each separately identified item of Unit Price Work by multiplying the unit price times the actual quantity of that item completed and accepted by the Engineer. The extended prices for Unit Price Work set forth as of the Effective Date of the Contract are based on estimated quantities. As provided in Paragraph 13.03 of the General Conditions, estimated quantities are not guaranteed, and determination of actual quantities and classifications are to be made by the Engineer. ARTICLE 5 – PAYMENT PROCEDURES 5.01 Progress Payments: Owner shall make progress payments on account of the Contract Price on the basis of Contractor’s Applications for Payment on or about the 10th day of each month during performance of the Work as provided in Paragraph 5.02 below, provided that such Applications for Payment have been submitted in a timely manner and otherwise meet the requirements of the Contract. All such payments will be measured by the Schedule of Values established as provided in the General Conditions (and in the case of Unit Price Work based on the number of units completed) or, in the event there is no Schedule of Values, as provided elsewhere in the Contract. 5.02 Retainage: Prior to Substantial Completion, progress payments will be made in an amount equal to the percentage indicated below but, in each case, less the aggregate of payments previously made and less such amounts as Owner may withhold, including but not limited to liquidated damages, in accordance with the Contract. A. Ninety five (95) percent of Work completed (with the balance being retainage). If the Work has been 50 percent completed as determined by Engineer, and if the character and progress of the Work has been satisfactory to Owner and Engineer, then as long as the character and