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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 fifty <br />and 00/100 dollars ($150.00) for each day that expires after the time <br />specified in paragraph 3.1 for Substantial Completion until the Work <br />is substantially complete. After Substantial Completion, if CONTRAC- <br />TOR shall neglect, refuse or fail to complete the remaining Work <br />within the Contract Time or any proper extension thereof granted by <br />OWNER, CONTRACTOR shall pay OWNER fifty dollars ($50.00) for each day <br />that expires after the time specified in paragraph 3.1 for completion <br />and readiness for final 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. Appli~ations for Payment will <br />be processed by ENGINEER as provided in the General Conditions. <br /> <br />5.1 Progress Payments. No progress payments will be made on <br />this project. One payment, Final Payment, will be made upon the <br />satisfactory completion of the project. <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 />Article 6. INTEREST. <br /> <br />No interest will be paid to the CONTRACTOR on retained money unless <br />required by law. <br /> <br />Article 7. CONTRACTOR'S REPRESENTATIONS. <br /> <br />In order to induce OWNER to enter into this Agreement, CONTRACTOR <br />makes the following representations: <br /> <br />7.1 CONTRACTOR has familiarized itself with the nature and <br />extent of the Contract Oocuments, Work, site, locality, and all <br />local conditions and Laws and Regulations that in any manner may <br />affect cost, progress, performance or furnishing of the Work. <br /> <br />7.2 CONTRACTOR has studied carefully all reports of explorations <br />and tests of subsurface conditions and drawings of physical <br />conditions Which are identified in the Supplementary Conditions <br />as provided in paragraph 4.2 of the General Conditions, and <br />accepts the determination set forth in paragraph SC-4.2 of the <br />Supplementary Conditions of the extent of the technical data <br />contained in such reports and drawings upon which CONTRACTOR is <br />entitled to reply. <br /> <br />7.3 CONTRACTOR has obtained and carefully studied (or assumes <br />responsibility for obtaining and carefully studying) all such <br />examinations, investigations, explorations, tests, reports and <br /> <br />2 <br />