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EJCDC STANDARD FORM OF AGREEMENT BETWEEN OWNER AND CONTRACTOR ON THE BASIS OF A STIPULATED PRICE THIS AGREEMENT is dated as of the day of between-CITY OF SUNNY ISLES BEACH_(hereinafter called OWNER) and _ (hereinafter called CONTRACTOR). in the year 20_ by and OWNER and CONTRACTOR, in consideration of the mutual covenants hereinafter set forth, agree as follows: Article 1. WORK. 1 CONTRACTOR shall complete all Work as specified or indicated in the Contract Documents. The Work is generally described as follows: Drainage and Street Improvements in the Central Island Neighborhood, limited by the NE 183`d and 174" Streets along the north and south respectively and Collis Avenue (A1 A) and the Dumfoundling waterway along the east and west sides respectively. The work includes asphalt milling and resurfacing, street widening, bicycle paths, drainage structures and associated drainage piping and the construction of 27 drainage (deep) wells, in addition to signing, marking and miscellaneous concrete work, sidewalks, curb and gutter and valley gutters. Article 2. ENGINEER. The Project has been designed by: Beiswenger, Hoch and Associates Inc 1190 NE 163`d Street 1 North Miami Beach, Fl. 33162 who is hereinafter called ENGINEER and who is to act as OWNER'S representative, assume all duties and responsibilities and have the rights and authority assigned to ENGINEER in the Contract Documents in connection with completion of the Work in accordance with the Contract Documents. rArticle 3. CONTRACT TIMES. 3.1, The Central Island Street and Drainage Improvements project will be substantially completed ' within 365 calendar days after the date when the Contract Times commence to run as provided in paragraph 2.3 of the General Conditions, and completed and ready for final payment in accordance with Paragraph 14.07 of the General Conditions within 395 calendar days after the original date Iwhen the Contract Times commence to run. 3.2. LIQUIDATED DAMAGES. OWNER and CONTRACTOR recognize that time is of the essence of ' this Agreement and that OWNER will suffer financial loss if the Work is not completed within the times specified in paragraph 3.1 above, plus any extensions thereof allowed in accordance with Article 12 of the General Conditions. They also recognize the delays, expense and difficulties involved in proving the actual loss suffered by OWNER if the Work is not completed on time. I Accordingly, instead of requiring any such proof, OWNER and CONTRACTOR agree that as liquidated damages for delay (but not as a penalty) CONTRACTOR shall pay OWNER One Thousand Five Hundred and 00/100 dollars ($1,500.00) for each day that expires after the time specified in paragraph 3.1 for each Substantial Completion date until the Work is substantially complete. If CONTRACTOR shall neglect, refuse or fail to complete the project by the project completion date EJCDC STANDARD FORM OF AGREEMENT 09124 00500 -1