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EJCDC <br />' STANDARD FORM OF AGREEMENT <br />BETWEEN OWNER AND CONTRACTOR <br />ON THE BASIS OF A STIPULATED PRICE <br />1 <br />THIS AGREEMENT is dated as of the <br />between CITY OF SUNNY ISLES BEACH <br />(hereinafter called CONTRACTOR). <br />day of in the year 20 <br />(hereinafter called OWNER) and <br />by and <br />OWNER and CONTRACTOR, in consideration of the mutual covenants hereinafter set forth, agree as <br />follows: <br />Article 1. WORK. <br />CONTRACTOR shall complete all Work as specified or indicated in the Contract Documents. The <br />Work is generally described as follows: <br />Article 2. ENGINEER. <br />The Project has been designed by: <br />who is hereinafter called ENGINEER and who is to act as OWNER'S representative, assume all duties <br />and responsibilities and have the rights and authority assigned to ENGINEER in the Contract <br />Documents in connection with completion of the Work in accordance with the Contract Documents. <br />Article 3. CONTRACT TIMES. <br />3.1. The work will be substantially completed within 120 calendar days after the date when <br />the Contract Times commence to run completed and ready for final payment in accordance <br />with paragraph 14.07 of the General Conditions within 150 calendar days after the date when <br />the Contract Times commence to run. <br />3.2. LIQUIDATED DAMAGES. OWNER and CONTRACTOR recognize that time is of the <br />essence of this Agreement and that OWNER will suffer financial loss if the Work is not <br />completed within the times specified in paragraph 3.1 above, plus any extensions thereof <br />allowed in accordance with Article 12 of the General Conditions. They also recognize the <br />delays, expense and difficulties involved in proving the actual loss suffered by OWNER if the <br />Work is not completed on time. Accordingly, instead of requiring any such proof, OWNER and <br />CONTRACTOR agree that as liquidated damages for delay (but not as a penalty) <br />CONTRACTOR shall pay OWNER One Thousand Five Hundred and 00/100 dollars ($1500.00) <br />for each day that expires after the time specified in paragraph 3.1 for each Substantial <br />Completion date until the Work is substantially complete. If CONTRACTOR shall neglect, <br />refuse or fail to complete the project by the project completion date within the time specified <br />in paragraph 3.1 for completion and readiness for final payment or any proper extension <br />thereof granted by OWNER, CONTRACTOR shall pay OWNER One Thousand and 00/100 <br />dollars ($1000.00) for each day that expires after the time specified in paragraph 3.1 for <br />completion and readiness for final payment. <br />EJCDC STANDARD FORM OF AGREEMENT 00500 -1 <br />