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C. The amount as set forth as liquidated damages is understood and agreed not to <br />be a penalty; the said sum being specifically agreed upon in advance as the <br />measure of damage to the OWNER resulting from the delay in completion of the <br />work. <br /> <br />1. The expiration of the time stipulated without the work having been <br />completed shall in itself constitute a default without the necessity of any <br />notice being given by the OWNER to the CONTRACTOR. <br /> <br />2. The CONTRACTOR agrees and consents that the Contract price reduced <br />by the aggregate of the entire damages so deducted shall be accepted by <br />the CONTRACTOR in full satisfaction for work done under the Contract. <br /> <br />END OF SECTION <br /> <br />City of Sunny Isles Beach <br />NE 174th Street Roadway Improvements <br />01110 - 4 Summary of Work <br />14-1758 / 09-19-2014 <br />