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304 <br />extensions of time as described in the General Conditions, <br />the Contractor agrees to pay the sum of $150. per day, as <br />liquidated damages to OWNER for each calendar day thereafter <br />that the work remains incomplete for the phase of work <br />undertaken as specified in Division 1A. <br />ARTICLE III. THE CONTRACT SUM. The OWNER agrees to <br />pay the CONTRACTOR in current funds for the performance of <br />the Contract the sum of SEVEN HUNDRED TWO THOUSAND, ONE <br />HUNDRED AND N01100 DOLLARS ($7021100.00) subject to <br />additions and deductions as provided in the Specifications <br />and to the performance by the CONTRACTOR of all the terms of <br />this Contract. <br />ARTICLE IV. PROGRESS PAYMENTS. The OWNER shall make <br />payments on account of the Contract based on the Architect's <br />estimate of the value of work done and materials in place, <br />plus an allowance of invoice cost of the materials properly <br />stored. From the amount so ascertained, 5% will be <br />retained, less the aggregate of previous payments. <br />ARTICLE V. ACCEPTANCE AND FINAL PAYMENT. Final <br />payment shall be due promptly after the work is fully <br />completed and the Contract fully performed. <br />Upon receipt of written notice that the work is ready <br />for final inspection and acceptance, the Architect shall <br />promptly make such inspection, and when he finds the work <br />acceptable under the Contract he shall promptly issue a <br />