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<br />Substantial Completion until the Work is substantially complete. After Substantial Completion, <br />if CONTRACTOR shall neglect, refuse or fail to complete the remaining Work within the <br />. Contract Tlffie or any proper extension thereof granted by OWNER, CONTRACTOR shall pay <br />OWNER Dollars ($ ) <br />for each day that expires after the time specified in paragraph 3.1 for completion and readiness <br />for final payment. <br /> <br />Article 5 <br /> <br />PAYMENT PROCEDURES. <br /> <br />CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the General <br />Conditions. Applications for Payment will be processed by ENGINEER as provided in the General <br />Conditions. <br /> <br />5.1 Progress Payments <br />OWNER shall make progress payments on account of the Contract Price on the basis of <br />CONTRACTOR's Applications for Payment as recommended by ENGINEER, on or <br />about the last day of each month during construction as provided below. All Progress <br />payments will be on the basis of the progress of the Work measured by the schedule of <br />values established in paragraph 2.9 of the General Conditions (and in the case of Unit <br />Price Work based on the number of units completed) or, in the event there is no <br />schedule of values, as provided in the General Requirements. <br /> <br />5.1.1 Prior to Substantial Completion, progress payments will be made in an amount <br />equal to the percentage indicated below, but, in each case, less the aggregate of <br />payments previously made and less such amounts as ENGINEER shall <br />determine, or OWNER may withhold, in accordance with paragraph 14.17 of the <br />General Conditions. <br /> <br />Ten Percent (10%) of Work Completed. <br /> <br />Ten percent (10%) of materials and equipment not incorporated in the <br />Work (but delivered, suitably stored and accompanied by documentation <br />satisfactory to OWNER as provided in paragraph 14.2 of the General <br />Conditions). <br /> <br />5.1.2 Upon Substantial Completion, in an amount sufficient to increase total payments <br />to CONTRACTOR to ninety-five percent (95%) of the Contract Price, less such <br />amounts as ENGINEER shall determine, or OWNER may withhold, in <br />accordance with paragraph 14.7 of the General Conditions. <br /> <br />5.2 Final Payment <br />Upon final completion and acceptance of the Work in accordance with paragraph 14.13 <br />of General Conditions, 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 required by law. <br /> <br />Article 7. CONTRACTOR'S REPRESENTATIONS <br /> <br />19 <br />