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<br />for each day that expires after the time specified in paragraph 3.1 <br />for Substantial Completion until the Work is substantially <br />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 and No/100 <br />dollars ($ 50.00 ) for each day that expires after the <br />time specified in paragraph 3.1 for completion and readiness for <br />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 <br />will be processed by ENGINEER as provided in the General <br />Conditions. <br /> <br />5.1 Progress Payments, OWNER shall make progress payments on <br />account of the Contract Price on the basis of <br />CONTRACTOR's Applications for Payment as recommended by <br />ENGINEER, on or about the last day of each month during <br />construction as provided below. All Progress paYments <br />will be on the basis of the progress of the Work measured <br />by the schedule of values established in paragraph 2.9 <br />of the General Conditions (and in the case of Unit Price <br />Work based on the number of units completed) or, in the <br />event there is no schedule of values, as provided in the <br />General Requirements. <br /> <br />5.1.1 Prior to Substantial Completion, progress payments <br />will be made in an amount equal to the percentage <br />indicated below, but, in each case, less the aggregate <br />of payments previously made and less such amounts as <br />ENGINEER shall determine, or OWNER may withhold, in <br />accordance with 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, suitably <br />stored and accompanied by documentation satisfactory <br />to OWNER as provided in paragraph 14.2 of the <br />General Conditions). <br /> <br />5.1.2 Upon Substantial Completion, in an amount <br />sufficient to increase total payments to CONTRACTOR to <br />ninety-five percent (95%) of the Contract Price, less <br />such amounts as ENGINEER shall determine, or OWNER may <br />withhold, in accordance with paragraph 14.7 of the <br />General Conditions. <br /> <br />20 <br />