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<br />requiring any such proof, OWNER and CONTRACTOR agree that as liquidated damages <br />for delay (but not as a penalty) CONTRACTOR shall pay OWNER One hundred fifty and <br />Noll 00 dollars ($150.00) for each day that expires after the time specified in paragraph 3.1 <br />for Substantial Completion until the Work is substantially complete. After Substantial <br />Completion, if CONTRACTOR shall neglect, refuse or fail to complete the remaining Work <br />within the Contract Time or any proper extension thereof granted by OWNER, <br />CONTRACTOR shall pay OWNER fifty and Noll 00 dollars ($50.00) for each day that <br />expires after the time specified in paragraph 3.1 for completion and readiness for final <br />payment. <br /> <br />Article 4. 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 />4.1 Progress Payments, OWNER shall make progress payments on account ofthe Contract Price <br />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 />4.1.1 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 <br />made and less such amounts as ENGINEER shall determine, or OWNER may withhold, in <br />accordance with paragraph 14.7 of the General Conditions. Ten Percent (10%) of Work <br />Completed. <br /> <br />4.1.2 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 <br />of the General Conditions. <br /> <br />4.2 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 5. INTEREST <br /> <br />No interest will be paid to the CONTRACTOR on retained money unless required by law. <br /> <br />19 <br />