Laserfiche WebLink
<br />- <br />.....-. .:.~. .' -, <br /> <br />';.~ !'.';",. .,'~, ..--::.. ':'1I"':~'-- <br /> <br />/~.~~;.:f:;:,~;. ft ;-. <br />," " . <br />. ". . . . <br /> <br />u .. ~'''..;.~~:. .:: <br /> <br />.", '.: ..~:.:.;.~..:,;' <br /> <br />~,;~7:;~:~~l;:::~:..~I..:' ~ ,. <br /> <br />"';".";:..\' <br /> <br />. ; I.. <br /> <br />CONTRACTOR agree that as liquidated d~ges for delay <br />(but not as a penalty) CONTRACTOR snall pay OWNER ~ <br />iiity and No/100 dollars $-l50~OO ) <br />for each day that expires after the time specified in paragraph 3.1 <br />for Substantial Completion until the Work is substantially <br />complete. After Substantial Completion, if CONTRACTOR shall <br />neglect, refuse or fail to complete the remaining Work within the <br />Contract Time or any proper extension thereof granted by OWNER, <br />CONTRACTOR shall pay OWNER -liity and HQLjOO <br />dollars ($ 50.00 ) for each day that expires after the <br />time specified in paragraph 3.1 for completion and readiness for <br />final paj'lDent. <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 Paj'lDents, 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 aOout <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 will be <br />made in an amount equal to the percentage indicated below, but, in <br />each case, less the aggregate of payments previously made and less .._ <br />such amounts as 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 incorporated in <br />the Work (but delivered, suitably stored and accompanied by <br />documentation satisfactory to OWNER as provided in paragraph 14.2 <br />of the General Conditions). <br /> <br />..~ <br />..--' ... <br />,-- <br /> <br />5.1.2 Upon Substantial Completion, in an amount suf f icient to <br />increase total payments to CONTRACTOR to ninety-five percent (95%) <br />of the Contract Price, less such amounts as ENGINEER shall <br />determine, or OWNER may withhold, in accordance with paragraph 14.7 <br />of the General Conditions. <br /> <br />5.2 Final Paj'1llent. Upon final completion and acceptance <br />of the Work in accordance with paragraph 14.13 of General <br />Conditions, O~LR shall pay the remainder of the Contract Price as <br /> <br />. 20 <br />