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<br />for each day that expires after the time specified in paragraph 3.1 for Substantial Completion until the <br />Work is 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 granted by <br />OWNER, <br />CONTRACTOR shall pay OWNER fiftv and No/100 dollars ($ 50.00 ) for each day that expires <br />after the time specified in 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 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. All <br />Progress payments will be on the basis of the progress of the Work measured by the schedule of <br />values established in paragraph 2.9 of the General Conditions (and in the case of Unit Price <br />Work based on the number of units completed) or, in the event there is no schedule of values, as <br />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, or <br />OWNER may withhold, in accordance with 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 <br />delivered, suitably stored and accompanied by documentation satisfactory to OWNER as <br />provided in paragraph 14.2 of the General Conditions). <br /> <br />5.1.2 Upon Substantial Completion, in an amount sufficient to increase total payments <br />to CONTRACTOR to ninety-five percent (95%) of the Contract Price, less such amounts <br />as ENGINEER shall determine, or OWNER may withhold, in accordance with paragraph <br />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 Price <br />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 />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 />