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ARTICLE 4 - CONTRACT TIME 4.1 Time is of the Essence of this Contract. CONTRACTOR agrees to complete design and submit for all associated approvals and permits within seventy five (75) calendar days of conceptual design approval for the Project from the City Commission of the City of Sunny Isles Beach. The Work shall be shall be in Substantial Completion no later than two hundred seventy (270) calendar days from issuance of the Notice to Proceed by the City Manager or his designee. The Contractor shall achieve Final Completion no later than thirty (30) days after the two hundred seventy (270) day deadline to achieve Substantial Completion. The Notice to Proceed shall be issued for the construction of the Project upon the submittal of an application for building permit for the Project or the approval of 90% percent design by the CITY, whichever occurs first. The CONTRACTOR shall commence on site construction of the Project the later of ninety (90) days after the City's issuance of the Notice to Proceed for construction or issuance of all required permits. CONTRACTOR agrees that all Work shall be prosecuted regularly, diligently and uninterrupted at such rate of progress as will ensure full completion thereof within the time specified. Failure to achieve timely, substantial and/or final completion shall be regarded as a breach of this Agreement and subject to the appropriate remedies including but not limited to, liability for liquidated damages in accordance with Paragraph 12.3 herein. ARTICLE 5 CONTRACT SUM - GUARANTEED MAXIMUM PRICE 5.1 Guaranteed Maximum Price. 5.1.1 CITY shall pay CONTRACTOR in current funds as full compensation for the performance of all the Work for the design and construction of the Project which is subject to additions and deductions by Change Order or Written Amendment as provided in this Agreement, and subject further to possible reductions as set forth in Article 6.2.1 below, the sum of Two Million One Hundred Thousand Dollars $2,100,000.00 (the "Guaranteed Maximum Price"). 5.1.2 The initial sum total of Two Hundred Fifty Thousand Four Hundred Dollars ($250,400.00) shall be attributed to the design phase which includes Pre - development expenses, architectural and design fees, legal and administrative fees, Building Risk and General Liability Insurance and Permit Fee Allowance, with the remaining amount attributed to the construction phase as further detailed in the attached Exhibit titled Schedule of Values. Ownership in the signed and sealed 100% "Issued for Construction" set of Plans and Specifications shall vest in the CITY once a permit is issued to commence construction. ARTICLE 6 CONTRACTOR'S RESPONSIBILITIES 6.1 Responsibilities - Construction Phase. 6.1.1 Consultation: CONTRACTOR will schedule and attend regular meetings and will consult with CITY regarding site use and improvements, and the selection of materials, building systems, and equipment. 6.1.2 Subcontractors and Suppliers: CONTRACTOR shall develop subcontractor interest in the Project and shall furnish to the CITY, information, a list of subcontractors, including suppliers