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11.7 The amount of credit to be allowed by CONTRACTOR to CITY for any such change which results in a net decrease in cost, will be the amount of the actual net decrease. When both additions and credits are involved in any one change, the net shall be computed to include overhead and profit, identified separately, for both additions and credit, provided however, the CONTRACTOR shall not be entitled to claim lost profits for any Work not performed. 11.8 Whenever cost of any Work is to be determined pursuant to paragraphs 11.4 and 11.5, CONTRACTOR will submit in form prescribed by CONSULTANT an itemized cost breakdown together with supporting data. ARTICLE 12 - TIME FOR COMPLETION LIQUIDATED DAMAGES AND CHANGE OF THE CONTRACT TIME 12.1 The date of beginning and the time for completion of the Work are essential conditions of the Contract Documents and the Work shall be commenced on the date specified in the Notice to Proceed. 12.2 The CONTRACTOR will proceed with the Work at such rate of progress to insure full completion within the Contract Time. It is expressly understood and agreed, by and between the CONTRACTOR and the CITY, that the Contract Time for the completion of the Work described herein is a reasonable time, taking into consideration the average climatic and economic conditions and other factors prevailing in the locality of the Work. 12.3 if the CONTRACTOR shall fail to complete the Work within the Contract Time, or extension of time granted by the CITY, then the CONTRACTOR will pay to the CITY the amount for liquidated damages as specified in the Agreement, Paragraph 6, for each calendar day that the CONTRACTOR shall be default after the time stipulated in the Contract Documents. 12.3.1 These amounts are not penalties but are liquidated damages to CITY for its inability to obtain full use of the Project. Liquidated damages are hereby fixed and agreed upon between the parties, recognizing the impossibility of precisely ascertaining the amount of damages that will be sustained by CITY as a consequence of such delay, and both parties desiring to obviate any question or dispute concerning the amount of said damages and the cost and effect of the failure of CONTRACTOR to complete the Contract on time. The above - stated liquidated damages shall apply separately to each phase of the Project for which a time for completion is given. 12.3.2 City is authorized to deduct the liquidated damages from monies due to CONTRACTOR for the Work under this Contract. 12.3.3 CONTRACTOR shall be responsible for reimbursing CITY, in addition to liquidated damages, for all costs incurred by CITY in administering the construction of the Project due to the failure of the CONTRACTOR to comply with the Contract Documents, to also include additional time beyond an approved extension of time granted to CONTRACTOR whichever date is later. Such costs shall be deducted from the monies due CONTRACTOR for performance of Work under this Contract by means of a unilateral Change Order issued by the CITY. 12.4 The Contract time may only be changed by a Change Order. Any claim for an extension in the CONTRACT TIME shall be based on written notice delivered to the CITY within five (5) days of the occurrence of the event giving rise to the claim and stating the general nature of the claim including supporting data. All claims for adjustment in the Contract Time shall be evaluated and recommended by the CITY, with final approval by the CITY'S representative. Any change in the Contract Time resulting from any such claim shall be incorporated in a Change Order. 12.5 All time limits stated in the Contract Documents are of the essence of the Agreement. 12.6 No claim for delay shall be allowed because of failure to furnish Drawings until fourteen (14) days after demand 00710-20