O-1992-1870 - Laserfiche WebLink

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OWNER. CONTRACT_haJI pay OWNER . ONE HUNen nnT.T,]')'RS dollars (5 , 00 . g g ) for each day that expires after the time specified in paragraph 3.1 for completion and readiness for final payment. Article 4. CONTRACT PRICE. 4.1. OWNER shaJl pay CONTRACTOR for completion of the Work in accordance with the Contract Documents in current funds as follows: ' [here insert a lump sum. unit prices or both. if necessary attach exhibits and list them in Anicle 8.) [CONTRACTOR's Bid may be attached as an exhibit to avoid lengthy retyping of unit price schedules. formulae for escaJation of prices. information as to alternatives. etc.] Article S. PAYMENT PROCEDURES. CONTRACTOR shall submit Applications for Payment in accordance with Anicle 14 of the Genera! Condi- tions. Applications for Payment will be processed by ENGINEER as provided in the General Conditions. 5.1. Progress Payments. OWNER shall make progress payments on account of the Contract Price on the basis of CONTRACTOR's Applications for Payment as recommended by ENGINEER. on or about the , c:i- day of each month during construction as provided below. AJl progress payments will be on the basis of the progress of lhe Work measured by the schedule of values established in paragraph 2.9 of the Genera! Conditions (and in the case of Unit Price Work based on the number of units completed) or. in the event there is no schedule of values. as provided in the General Requirements. 5.1.1. Prior to Substantial Completion. progress payments will be made in an amount equaJ to the percentage indicated below. but. in each case. less the aggregate of payments previously made and .less such amounts as ENGINEER shall determine. or OWNER may withhold. in accordance with paragraph 14.7 of the General Conditions. _2--% of Work ~ompleted.lfWork has been 50% completed as determined by ENGI- NEER. and if the character and progress of the Work have been satisfactory to OWNER and ENGINEER. OWNER on recommendation of ENGINEER. may determine that as long as the character and progress of the Work remain satisfactory to them. there will be no additional retainage on account of Work completed in which case the remaining progress payments prior to Substantial Completion will be in an amount equal to 100% of the Work , completed. '...l..a.!L-% of materials and equipment not incorporated in the Work (but delivered. suitably stored and accompanied by documentation satisfactory to OWNER as provided in para- graph 14.2 of the General Conditions). 5.1.2. Upon Substantial Completion. in an amount sufficient to increase total payments to CON- TRACTOR to n % of the Contract Price. less such amounts as ENGINEER shail determine. or OWNER may withhold. in accordance with paragraph 14.7 of lhe General Conditions. 5.2. Final Payment. Upon tinal completion and acceptance of the Work in accordance with paragraph 14.13 of the Gehera! Conditions. OWNER shall pay the remainder of the Contract Price as recommended by ENGINEER as provided in said paragraph 14.13. " Article 6. INTEREST. All moneys Dot paid when due as provided in Article 14 of lhe Genera! Conditions shall bear interest at the"" maximum rate allowed by law at the place of the Project. 2