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Docusign Envelope ID: DA4FA5BF-D9AF-4543-AD49-B8F98E2726F6 <br /> 5.2.1 Substantial Completion of the entire Work shall be achieved no later than Eleven-Hundred <br /> Forty-Three (1,143) calendar days after the Date of Commencement ("Scheduled Substantial <br /> Completion Date"). <br /> "Substantial Completion is the date on which the Work, or an agreed upon portion of the Work, is <br /> sufficiently complete in accordance with the Contract Documents so that Owner can occupy and <br /> use the Project or a portion thereof for its intended purposes, provided, however, that Substantial <br /> Completion shall be deemed to have been achieved no later than the date of issuance of a <br /> Temporary Certificate of Occupancy issued by the local building official, if a Temporary Certificate <br /> of Occupancy is applicable to the Project." <br /> 5.2.2 Final Completion of the Work shall be achieved within sixty (60) days of the date of <br /> Substantial Completion of all Work unless the Parties mutually agree, in writing, to extend the date <br /> for Final Completion. All items of Wok that remain, all punch list work, and any nonconforming work <br /> then known to exist, shall be completed as expeditiously as reasonably practicable. <br /> 5.3 Time limits stated in the Contract Documents are of the essence of the Contract. In all aspects of <br /> the Work, time is of the essence of the Contract. By executing the Cost Proposal Agreement Amendment, <br /> the Design-Builder confirms that the Contract Time is a reasonable period for performing the Work. <br /> 5.4 Liquidated Damages. Design-Builder acknowledges and recognizes that Owner is entitled to full <br /> and beneficial occupancy and use of the completed Work following expiration of the Contract Time. The <br /> Design-Builder further acknowledges and agrees that, if the Design-Builder fails to achieve the Project <br /> completion obligations from Section 5.2, the Owner will sustain actual damages as a result of such failure. <br /> The exact amount of such damages will be difficult to ascertain. <br /> 5.4.1 Design-Builder understands that if Substantial Completion is not attained by the Scheduled <br /> Substantial Completion Date, Owner and Design-Builder agree that Design-Builder shall pay <br /> Owner Two Thousand Five Hundred Dollars ($2,500)as liquidated damages for each calendar day <br /> that Substantial Completion extends beyond the date from section 5.2.1. <br /> 5.4.2 Because Final Completion is required before Owner can comply with its regulatory permit <br /> obligations and utilize the Project for its intended Design-Builder understands that if Final <br /> Completion is not achieved within 60 days of Substantial Completion Date, Owner and Design- <br /> Builder agree that Design-Builder shall pay to Owner Two Thousand Five Hundred Dollars <br /> ($2,500), as liquidated damages for each calendar day that Final Completion is delayed beyond <br /> the date from section 5.2.2. <br /> 5.5 Any liquidated damages assessed pursuant to this Agreement shall be in lieu of all liability for any <br /> and all extra costs, losses, expenses, claims, penalties and any other damages, whether special or <br /> consequential, and of whatsoever nature, incurred by Owner which are occasioned by any delay in <br /> achieving Substantial Completion, Interim Milestone Dates (if any) or Final Completion. <br /> Article 6 <br /> Contract Price <br /> 6.1 Contract Price. <br /> 6.1.1 Owner shall pay Design-Builder in accordance with Article 6 of the General Conditions of <br /> Contract the sum of Three Million, Five-Hundred Eighteen Thousand, Four-Hundred Five Dollars <br /> ($3,518,405.00) for the Phase 1 Services in accordance with the Phase 1 Fee Proposal attached <br /> hereto as Exhibit A, subject to adjustments made in accordance with the General Conditions of <br /> Contract. <br /> DBIA Document No.545 Page 6 <br /> Progressive Design-Build Agreement for Water and Wastewater Projects <br /> © 2022 Design-Build Institute of America <br />