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1. Milestone 1: Once the grading commences, the grading shall be substantially completed with 35 calendar <br />days. <br />Milestone 2: Once the construction of the sanitary sewer, watermain or storm sewer commences the <br />project shall be substantially completed within 56 calendar days. <br />Milestone 3: The sanitary sewer and watermain stubs to the Cargill property on 1651h Avenue shall be <br />completed by June 30, 2022. <br />4.03 Liquidated Damages <br />A. Contractor and Owner recognize that time is of the essence as stated in Paragraph 4.01 above and that Owner <br />will suffer financial and other losses if the Work is not completed and Milestones not achieved within the times <br />specified in Paragraph 4.02 above, plus any extensions thereof allowed in accordance with the Contract. The <br />parties also recognize the delays, expense, and difficulties involved in proving in a legal or arbitration <br />proceeding the actual loss suffered by Owner if the Work is not completed on time. Accordingly, instead of <br />requiring any such proof, Owner and Contractor agree that as liquidated damages for delay (but not as a <br />penalty): <br />1. Substantial Completion: Contractor shall pay Owner $1,000 for each day that expires after the time (as <br />duly adjusted pursuant to the Contract) specified in Paragraph 4.02.A above for Substantial Completion <br />until the Work is substantially complete. <br />2. Completion of Remaining Work: After Substantial Completion, if Contractor shall neglect, refuse, or fail to <br />complete the remaining Work within the Contract Time (as duly adjusted pursuant to the Contract) for <br />completion and readiness for final payment, Contractor shall pay Owner $500 for each day that expires <br />after such until the Work is completed and ready for final payment. <br />3. Liquidated damages for failing to timely attain Substantial Completion and final completion are not <br />additive and will not be imposed concurrently. <br />4. Milestones: Contractor shall pay Owner $1,000 for each day that expires after the time (as duly adjusted <br />pursuant to the Contract) specified above for achievement of Milestone 1, until Milestone 1 is achieved. <br />Contractor shall pay Owner $1,000 for each day that expires after the time (as duly adjusted pursuant to <br />the Contract) specified above for achievement of Milestone 2, until Milestone 2 is achieved. <br />Contractor shall pay Owner $1,000 for each day that expires after the time (as duly adjusted pursuant to <br />the Contract) specified above for achievement of Milestone 3, until Milestone 3 is achieved. <br />4.04 Special Damages <br />A. In addition to the amount provided for liquidated damages, Contractor shall reimburse Owner (1) for any fines <br />or penalties imposed on Owner as a direct result of the Contractor's failure to attain Substantial Completion <br />according to the Contract Times, and (2) for the actual costs reasonably incurred by Owner for engineering, <br />construction observation, inspection, and administrative services needed after the time specified in Paragraph <br />4.02 for Substantial Completion (as duly adjusted pursuant to the Contract), until the Work is substantially <br />complete. <br />B. After Contractor achieves Substantial Completion, if Contractor shall neglect, refuse, or fail to complete the <br />remaining Work within the Contract Times, Contractor shall reimburse Owner for the actual costs reasonably <br />incurred by Owner for engineering, construction observation, inspection, and administrative services needed <br />Standard Form of Agreement <br />00 52 00-2 <br />