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<br />SEP-08-1994 14: 38 FROt1 BWR-DALLAS, T:< <br /> <br />TO <br /> <br />PARIS-EARL P.06 <br /> <br />CONTRACTOR agree that as liquidated damages for delay (but not as a penalty) <br />CONTRACTOR shall pay OW!\I'ER Three Hundred Dollars (.$ 300.00) for each day that <br />expires after the time spccilied in paragraph 3.1 for SuhsTantial Completion until the Work is <br />substantially complete. After Substantial Completion. if CONTRACTOR shall neglect, refuse or <br />fail to complete the remaining Work within the ContraL"! Time Or any proper extcnsion thercof <br />granted by OWNER, CONTRACTOR shall pay OWNER Thrce Hundred Dollars ($ 300.00) <br />for each day that expires after the time specified in paragraph 3.1 for completion and readiness <br />for final payment. <br /> <br />Article 5 <br /> <br />PAYME-NT PROCEDURES. <br />. ....Z'~ <br /> <br />CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the General <br />Conditions. Applications for F-dyment will be processed by ENGINEER as provided in the General <br />Conditions. <br /> <br />5.1 Progress Payments <br />OWNER shall make progress payments on account of the Contract Price on the basis of <br />CONTRACTOR's Applications for Payment as recommended by ENGINEER, on or <br />about the last day of eaeh month during construction as proviiicd below. All Progress <br />payments will be on the basis of the progress of the Work measured hy the sehedule of <br />values established in paragraph 2.9 of the General Conditions (and in the case of Unit <br />Price Work based on the number of units completed) or, in the event there is no schedule <br />of values, as provided in the General Requirements. <br /> <br />5.1.1 Prior to Suhs"t'dntial Completion, progress payments will be made in an amount <br />equal to the perceIltage 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 Article 14.7 of the General <br />Conditions. <br /> <br />Ninety Five Percent (95%) of Work Completed. <br /> <br />NInety fivc Percent (95%) of materials and equipment not incorporated <br />in the Work (but delivered. suitably stored and accompanied by <br />documentation satisfactory 10 OWNER as provided in paragraph 14.2 of <br />the General Conditions). <br /> <br />5.1 .2 Upon Subst.anli.al Completion. in an amount sufficient to increase total payments <br />to CONTRACTOR TO ninety-five percent (95%) of the Contract Price, less such <br />amounts as ENGINEER shall detcnnine, or OWNER may v.ithhold. in <br />accordance with paragI3ph 14.7 of the General Conditions. <br /> <br />5.2 <br /> <br />Final Pavment <br />Upon tfuaI completion and acceptance of the Work: in accordance with paragraph 14.13 <br />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. INlEREST <br /> <br />No interest will be paid to the CONTRACTOR on retained money unless rcquired by law. <br /> <br />23 <br />