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<br />for each day that expires after the time specified in paragraph 3.1 for Substantial Completion until <br />the Work is substantially complete. After Substantial Completion, if CONTRACTOR shall neglect, <br />refuse or fail to complete the remaining Work within the Contract Time or any proper extension <br />thereof granted by OWNER, CONTRACTOR shall pay OWNER fifty and No/l 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 shall 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 shall make progress payments on account of the Contract <br />Price on the basis of CONTRACTOR's Applications for Payment as recommended by <br />ENGINEER, on or about 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 Work measured by the <br />schedule of values established in paragraph 2.9 of the General Conditions (and in the case <br />of Unit Price Work based on the number of units completed) or, in the event there is no <br />schedule of values, as provided in the General Requirements. <br /> <br />5.1.1 Prior to Substantial Completion, progress payments will be made in an amount <br />equal to the percentage indicated below, but, in each case, less the aggregate of <br />payments previously made and less such amounts as ENGINEER shall determine, <br />or OWNER may withhold, in accordance with paragraph 14.7 of the General <br />Conditions. <br /> <br />Ten Percent (10%) of Work Completed. <br /> <br />5.1.2 Upon Substantial Completion, in an amount sufficient to increase total <br />payments to CONTRACTOR to ninety-five percent (95%) of the Contract Price, less <br />such amounts as ENGINEER shall determine, or OWNER maywithhold, in <br />accordance with paragraph 14.7 of the 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 <br />Price as recommended by ENGINEER as provided in said paragraph 14.13. <br /> <br />Article 6. INTEREST <br /> <br />No interest will be paid to the CONTRACTOR on retained money unless required by law. <br /> <br />19 <br />