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3. TERM, The Contractor agrees to commence Work within Thirty (30) calendar days after the date of written Notice to Proceed from the City Manager or his designee, and further agrees that the Work will be substantially complete within Ninety (90) consecutive calendar days after the date of written Notice to Proceed, subject to such extension of time allowed by the Contract Documents. Final Completion of the Work shall be achieved no later than Thirty(30)days of the date of Substantial Completion. 4. LIQUIDATED DAMAGES. City and Contractor recognize that tune is of the essence of this Agreement and that City will suffer financial loss if the \York is not completed within the time specified in Paragraph 3 above, plus any extensions thereof allowed in accordance with Article 12 of the General Conditions of Invitation to Bid No. No. 12-10-01. (A copy of the General Conditions is attached hereto as Attachment "B"). City and Contractor also recognize the delays, expense and difficulties involved in proving the actual loss suffered by City if the Work is not completed on time. Accordingly, instead of requiring any such proof, City and Contractor agree that as liquidated damages for delay (but not as a penalty) Contractor shall pay City Two Thousand and 00/100 dollars ($2000.00) for each calendar day that expires after the time specified in Paragraph 3 above for Substantial Completion until the Work is substantially complete. Additionally, if the Contractor fails to achieve Final Completion within Thirty (30) days of the date of Substantial Completion, as set forth in Paragraph 3 above, the Contractor shall pay to City, in addition to the liquidated damages for Substantial Completion, liquidated damages for Final Completion in the amount One Thousand and 00/100 dollars ($1000,00) for each calendar day that extends beyond the scheduled Final Completion date. The term "Substantial Completion" shall mean that point at which, as certified in writing by the City Manager or his designee, the Work is at a level of completion in strict compliance with the Contract Documents such that the City can enjoy beneficial use or occupancy and can use or operate it in all respects for its intended purpose. Partial use or occupancy of the Work shall not result in the Work being deemed substantially complete, and such partial use or occupancy shall not be evidence of Substantial Completion. The term "Final Completion" shall mean the completion of all Work required by, and in strict compliance with, the Contract Documents, including start-up, testing, obtaining. final regulatory approvals from all applicable authorities, and all preparations necessary to finalize the Work. 5. CONTRACT PRICE. As the entire compensation under this Agreement and during the term of this Agreement, in whatever capacity rendered, the City shall pay Contractor an amount not to exceed One Hundred Eighty-Six Thousand Eight Hundred. Thirty Dollars ($186,830.00) for the Work (hereinafter the "Contract Price.") As provided in paragraph 11.03 of the General Conditions of Invitation to Bid No.No. 12-10- 01, estimated quantities are not guaranteed, and determinations of actual quantities and classification are to be made by City Engineer as provided in paragraph 9.0$ of the 2