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written order(Notice of Commencement). c. The Contractor agrees that no additional work or extras shall be done unless the same shall be duly authorized by the City in writing by change order. d. City and Contractor recognize that, since time is of the essence for this Agreement, the City will suffer financial loss if Work is not substantially completed within the time specified. Should Contractor fail to substantially complete the Work within the agreed time period, City shall be entitled to assess, as liquidated damages, but not as a penalty, $1,000.00 for each calendar day thereafter until substantial completion is achieved.The Project shall be deemed to be substantially completed by the City on the date that the City's representative certifies in writing that the construction of the Project, or specified part thereof, is sufficiently completed in accordance with the Contract Documents, so that the Project or specified part can be utilized for the purposes for which it is intended. e. Contractor hereby expressly waives and relinquishes any right which it may have to seek to characterize the above noted liquidated damages as a penalty, which the parties agree represents a fair and reasonable estimate of the City's actual damages at the time of contracting if Contractor fails to substantially complete the Work in accordance with the progress schedule. ARTICLE III: COMPENSATIM 3.1 The sums due to the Contractor according to Article 11, shall be due and payable in full, in accordance with the terms of the Invitation to Bid. Neither final payment nor amounts retained, if any, shall become due until the Contractor submits to the City: (1) an affidavit that payrolls, bills for materials and equipment, and other indebtedness connected with the work for which the City might be responsible or its property encumbered (less amounts withheld by the City) have been paid or otherwise satisfied; (2)a certificate evidencing that insurance required by the Contract�Documents is currently in effect, shall remain in force after final payment, and shall not be canceled or allowed to expire until at least thirty (30) days prior written notice has been!given to the City; (3) a written statement that the Contractor knows of no potential reason that the insurance will not be renewable to cover the period required by the Contract Documents; (4) consent of surety, if any,to final payment; and (5)any other data establishing'payment or satisfaction of obligations, such as receipts, releases and waivers of liens, claims, security interests or encumbrances arising out of the Contract Documents, to the extent and in such form as may be designated by the City. 3.2 For each progress payment made prior to Substantial Completion of the -2-