Common use of Contract Dates Clause in Contracts

Contract Dates. The Date of Commencement of the Work shall be the date fixed in the Notice to Proceed (SE-790) issued by the Agency to the Design-Builder. The Contract Time shall be measured from the Date of Commencement. The Agency shall issue the SE-790 to the Design-Builder, no less than seven days prior to the Date of Commencement. Unless otherwise provided in the contract documents and provided the Design-Builder has secured all required insurance and surety bonds, the Design-Builder may commence work immediately upon receipt of the Notice to Proceed. The Agency and Design-Builder mutually agree that time is of the essence with respect to the times set forth in the Contract Documents. Subject to adjustments of the Contract Time as provided in the Contract Documents, the Design-Builder will achieve Substantial Completion of the entire Work within the Contract Time indicated on the Notice to Proceed. If the Design-Builder fails to achieve Substantial Completion of the Work within the time specified, the Agency shall be entitled to withhold or recover from the Design-Builder liquidated damages. Design-Builder agrees that from the compensation to be paid, the Agency shall retain as liquidated damages the amount indicated in the Notice to Proceed for each calendar day the actual construction time required to achieve Substantial Completion exceeds the specified, or adjusted, time for Substantial Completion as provided in the Contract Documents. The liquidated damages amount is intended by the parties as the predetermined measure of compensation for actual damages, not as a penalty. Design-Builder will achieve Final Completion of the Work no later than   calendar days after the date of Substantial Completion is established.