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<br />proof, OWNER and CONTRACTOR agree that as liquidated damages for delay <br />(~ut not as a penalty) CONTRACTOR shall pay OWNER One Hundred <br />Flfty dollars ($150.00 <br />for each day that expires after the time specified in paragraph 3.1 <br />for Substantial Completion until the Work is substantially complete. <br />After Substantial Completion, if CONTRACTOR shall neglect, refuse or <br />fail to complete the remaining Work within the Contract Time'or any <br />~,oper extension thereof granted by OWNER, CONTRACTOR shall pay OWNER <br />flfty <br />dollars ($ 50.00 ) for each day that expires after the time <br />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 first day of each month during construction as <br />provided below. All progress payments will be on the basis of <br />the progress of the Work measured by the schedule of values <br />established in paragraph 2.9 of the General Conditions (and in <br />the case of Unit Price Work based on the number of units complet- <br />ed) or, in the event there is no schedule of values, as provided <br />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 para- <br />graph 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, suitably <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 <br />percent (95%) of the Contract Price, less such amounts as <br />ENGINEER shall determine, or OWNER may withhold, in accor- <br />dance with paragraph 14.7 of the General Conditions. <br /> <br />5.2 Final Payment. Upon final completion and acceptance of the <br />Work in accordance with paragraph 14.13 of the General Condi- <br />tions, OWNER shall pay the remainder of the Contract Price as <br />recommended by ENGINEER as provided in said paragraph 14.13. <br /> <br />2 <br />