COMPLETION OF THE CONTRACT. Extension of Contract Period - If it becomes apparent that the works will not be completed by the date outlined for completion in Article 2 of the Small Contract Agreement for reasons beyond the Contractor's control, then the Contractor shall so notify the Department Representative who shall make, in writing, such extension of time for completion as is reasonable. Liquidated Damages - If the Works are not substantially completed by the date outlined in Article 2 then the Contractor shall pay the Owner liquidated damages at the rate outlined in Article 2 for such payments. Retention - A five per cent (5%) retention of the total Contract Sum will be withheld by the Owner for a warranty period of thirty (30) days after substantial completion as a remedy for any latent defects due to workmanship which may appear during this period. Retained funds not required due to satisfactory workmanship shall be released to the Contractor at the close of the warranty period. Substantial Completion - The Department Representative shall certify the date when in their opinion the Works are substantially complete. Arbitration - Any dispute between the parties arising from this contract shall be dealt with by Arbitration in accordance with the Arbitration Act 1986.
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