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<br />Completion until the Work is substantially complete. After Substantial Completion, if <br />CONTRACTOR shall neglect, refuse or fail to complete the remaining Work within the Contract <br />Time or any proper extension thereof granted by OWNER, CONTRACTOR shall pay OWNER.!illY <br />and Noll 00 dollars ($ 50.00 ) for each day that expires after the time specified in <br />paragraph 3.1 for completion and readiness for final payment. <br /> <br />Article 5. PAYMENT PROCEDURES. <br /> <br />CONTRACTOR shall submit Applications for Payment in accordance with Article 14 ofthe 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 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 of the progress ofthe 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 event 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 ofthe General Conditions. Ten Percent (10%) of Work Completed. <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 />Article 6. INTEREST <br /> <br />No interest will be paid to the CONTRACTOR on retained money unless required by law. <br /> <br />Article 7. CONTRACTOR'S REPRESENTATIONS. <br /> <br />In order to induce OWNER to enter into this Agreement, CONTRACTOR makes the following <br />representations: <br /> <br />7.1 CONTRACTOR has familiarized itself with the nature and extent of the Contract <br />Documents, Work, site locality, and all local conditions and Laws and Regulations that in any <br />manner may affect cost, progress, performance or furnishing of the Work. <br /> <br />18 <br />