Laserfiche WebLink
<br />that expires after the time specified in paragraph 3.1 for Substantial Completion until the Work is <br />substantially complete. After Substantial Completion, if CONTRACTOR shall neglect, refuse or <br />fail to complete the remaining Work within the Contract Time or any proper extension thereof <br />granted by OWNER, CONTRACTOR shall pay OWNER fifty and No/I 00 dollars <br />($ 50.00 ) for each day that expires after the time specified in paragraph 3.1 for completion and <br />readiness for final payment. <br /> <br />Article 5. PAYMENT PROCEDURES. <br /> <br />CONTRACTOR shaH submit Applications for Payment in accordance with Article 14 of the General <br />Conditions. Applications for Payment will be processed by ENGINEER as provided in the General <br />Conditions. <br /> <br />5.1 Progress Payments, OWNER shaH make progress payments on account of the Contract Price <br />on the basis of CONTRACTOR's Applications for Payment as recommended by ENGINEER, on <br />or about the last day of each month during construction as provided below. All Progress payments <br />will be on the basis ofthe progress of the Work measured by the schedule of values established in <br />paragraph 2.9 of the General Conditions (and in the case of Unit Price Work based on the number <br />of units completed) or, in the eyent there is no schedule of values, as provided in the General <br />Requirements. <br /> <br />5.1.1 Prior to Substantial Completion, progress payments will be made in an amount equal to the <br />percentage indicated below, but, in each case, less the aggregate of payments previously made and <br />less such amounts as ENGINEER shall determine, or OWNER may withhold, in accordance with <br />paragraph 14.7 of the General Conditions. <br /> <br />Ten Percent (10%) of Work Completed, <br /> <br />Ten percent (10%) of materials and equipment not incorporated in the Work (but delivered, suitably <br />stored and accompanied by documentation satisfactory to OWNER as provided in paragraph 14.2 <br />of the General Conditions), <br /> <br />5.1.2 Upon Substantial Completion, in an amount sufficient to increase total payments to <br />CONTRACTOR to ninety-five percent (95%) of the Contract Price, less such amounts as <br />ENGINEER shall determine, or OWNER may withhold, in accordance with paragraph 14.7 of the <br />General Conditions, <br /> <br />5.2 Final Payment. Upon final completion and acceptance of the Work in accordance with <br />paragraph 14.13 of General Conditions, OWNER shall pay the remainder of the Contract Price as <br />recommended by ENGINEER as provided in said paragraph 14.13. <br /> <br />5.3 If the total amount bid is less than $100,000, Contractor shall have the option of whether or not <br />to provide performance and payment bonds. <br /> <br />19 <br /> <br />r' <br />