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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 />dollars and no cents ($150.00) for each day that expires after the <br />time specified in paragraph 3.1 for Substantial Completion,until the <br />Work is substantially complete. After Substantial Completi~n,,' if <br />CONTRACTOR shall neglect, refuse or fail to complete the remaining <br />Work within the Contract Time or any proper extension thereof granted <br />by OWNER, CONTRACTOR shall pay OWNER fifty dollars and no cents <br />($50.00) for each day that expires after the time specified in <br />paragraph 3.1 for completion 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. 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 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 />