Laserfiche WebLink
<br />in paragraph 3.1 for Substantial Completion until the Work is substan- <br />tially complete. After Substantial Completion, if CONTRACTOR shall <br />neglect, refuse or fail to complete the remaining work within the <br />Contract Time or any proper extension thereof granted by OWNER, <br />CONTRACTOR shall pay OWNER fifty dollars ($50.00) for each day that <br />expires after the time specified in paragraph 3.1 for completion and <br />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. 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 provided <br />below. All progress payments will be on the basis of the <br />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 />