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<br />proof, OWNER and CONTRACTOR agree that as liquidated damages for delay <br />(but not as a penalty) CONTRACTOR shall pay OWNER One Hundred <br />Fifty dollars <br />$150.00 <br />for each day that expires after the time specified in,paragraph 3.1 <br />for Substantial Completion until the Work is substantially complete. <br />After Substantial Completion, if CONTRACTOR shall neglect, refuse or <br />fail to complete the remaining Work within the Contract Time or any <br />proper extension thereof granted by OWNER, CONTRACTOR shall pay OWNER <br />Fifty <br />dollars ($ 50.00 ) for each day that expires after the <br />time specified in paragraph 3.1 for completion and readiness for final <br />payment. <br /> <br />Article 5. PAYMENT PROCEDURES. <br /> <br />CONTRACTOR shall submit Applications for Payment in accordance with <br />Article 14 of the General Conditions. Applications for Payment will <br />be processed by ENGINEER as provided in the General Conditions. <br /> <br />5.1 Progress Payments. OWNER shall make progress payments on <br />account of the Contract Price on the basis of CONTRACTOR's <br />Applications for Payment as recommended by ENGINEER, on or about <br />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 <br />Work measured by the schedule of values established in paragraph <br />2.9 of the General Conditions (and in the case of Unit Price Work <br />based on the number of units completed) or, in the event there is <br />no schedule of values, as provided in the General Requirements. <br /> <br />5,1.1. Prior to Substantial Completion, progress payments <br />will be made in an amount equal to the percentage indicated <br />below, but, in each case, less the aggregate of payments <br />previously made and less such amounts as ENGINEER shall <br />determine, or OWNER may withhold, in accordance with <br />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 <br />incorporated in the Work (but delivered, suitable <br />stored and accompanied by documentation satisfactory to <br />OWNER as provided in paragraph 14.2 of the General <br />Conditions). <br /> <br />5.1.2. Upon Substantial Completion, in an amount sufficient <br />to increase total payments to CONTRACTOR to ninety-five percent <br />(95%) of the Contract Price, less such amounts as ENGINEER shall <br />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 <br />the Work in accordance with paragraph 14,13 of the General <br />Conditions, OWNER shall pay the remainder of the Contract <br />Price as recommended by ENGINEER as provided in said paragraph <br />14,13. <br /> <br />13 <br />