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<br />specified in paragraph 3.1 above, plus any extensions thereof <br />allowed in accordance with Article 12 of the General Conditions. <br />They also recognize the delays, expense and difficulties involved <br />in proving in a legal or arbitration proceeding the actual loss <br />suffered by OWNER if the Work is not completed on time. <br />Accordingly, instead of requiring any such proof, OWNER and <br />CONTRACTOR agree that as liquidated damages for delay <br /> <br />(but not as a penalty) CONTRACTOR shall pay OWNER One hundred <br />and no/100 dollars $ 100.00 ) <br />for each day that expires after the time specified in paragraph 3.1 <br />for Substantial Completion until the Work is substantially <br />complete. After Substantial Completion, if CONTRACTOR shall <br />neglect, refuse or fail to complete the remaining Work within the <br />Contract Time or any proper extension thereof granted by OWNER, <br />CONTRACTOR shall pay OWNER fifty and no/100 . <br />dollars ($ 50.00 ) for each day that expires after the time <br />specified in paragraph 3.1 for completion and readiness for final <br />payment. <br /> <br />Article 5. PAYMENT PROCEDURES. <br /> <br />CONTRACTOR shall submit Applications for Payment in accordance with <br />Article 14 of the General Conditions. Applications for Payment <br />will be processed by ENGINEER as provided in the General <br />Conditions. <br /> <br />5.1 Progress Payments, OWNER shall make progress payments on <br />account of the Contract Price on the basis of CONTRACTOR's <br />Applications for Payment as recommended by ENGINEER, on or about <br />the last day of each month during construction as provided below. <br />All Progress payments will be on the basis of the progress of the <br />Work measured by the schedule of values established in paragraph <br />2.9 of the General Conditions (and in the case of Unit Price Work <br />based on the number of units completed) or, in the event there is <br />no schedule of values, as provided in the General Requirements. <br /> <br />5.1.1 Prior to Substantial Completion, progress payments will be <br />made in an amount equal to the percentage indicated below, but, in <br />each case, less the aggregate of payments previously made and less <br />such amounts as ENGINEER shall determine, or OWNER may withhold, in <br />accordance with paragraph 14.7 of the General Conditions. <br /> <br />20 <br /> <br />,.",~,.._-....,I <br />