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I FIVE HUNDRe OWNER. CONTR. -CTOR shall pay OWNER dollars IS 500.00 ) for each day that expires after the time specified in paragraph 3.1 for completion and readiness r'or rinal payment. Article 4. CONTRACT PRICE. ~. I. OW~ER shall pay CONTRACTOR for completion or' the Work in accordance with the Contract Documents in current r'unds as follows: TIJO HUNDRED SEVENTEEN THOUSA~~ FOUR HUNDRED FORTY-N~NE DOLLARS ($217 449.00) [here insert a lump sum. unit prices or both. if necessary attach exhibits and lIst them in Anicle AT %NIT PRICES QUOTED IN PROPOSAL ATTACHED. [CONTRACTOR's Bid may be attached as an exhibit to avoid lengthy retyping ot unit price schedules. formulae r'or escalation oj prices. information as to aiternatives. etc. I .. ArticJe 5. PA YMENT PROCEDURES. " CON'fRACTOR shall submit Applications for Payment in accordance with Article 14 of the General Condi- lions. Applications for Payment will be processed by ENGINEER as provided in lhe General Conditions. ... 5.1. ProfJress Pa'yments: OWNER shall make progress payments on account of the Contract Price on the basii8ffONTRACTOR's Appiications for Payment as recommended by ENGINEER. on or about the t . day of each month during construction as provided below. All progress payments will be on the basis of the progress of the Work measured by the schedule of values established in paragraph 2.9 of the General Conditions land in lhe case of Unit Price Work based on the number or units completedJ or. in the event there is no schedule of values. as provided in the General Requirements. .- " ----, .3 5.1.1. Prior to Substantial Completion. progress payments will be made in an amount equal 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. i of the General Conditions. 90 % of Work completed. If Work has been 50% completed as determined by ENGI- >-lEER. and if the character and progress of the Work have been satisfactory to OW~ER and ENGINEER. OWNER on recommendation of ENGINEER. may determine that as long as the character and progress of the Work remain satisfactory to them. lhere wiil be no additional retainage on account of Work compieted in which case the remaining progress payments prior [0 Substantial Completion will be in an amount equal to 100% of the Work completed. r....... 'ru, ,,.. o ~ of materials and equipment not incorporated in the Work I but delivered. suitably stored and accompanied by documentation satisfactory lO OWNER as provided in para- graph 14.2 of the General Conditions I. ,~ 5.1.::. upon Substantial Completion. in an amount sufficient to increase total payments to CON- TRACTOR to 100 % of the Contract Price. less such amounts as ENGINEER shall determine. or OWNER may withhold. in accordance with paragraph 14. i of the General Conditions. !:.a 5.2. Final Payment. Upon final completion and acceptance of the Work in accordance with paragraph 14.13 of the General Conditions. OWNER shall pay the remainder of the Contract Price as recommended by ENGI~EER as provided in said paragraph 14.13. Article 6:.INTEREST. ....... AU moneys not paid when due as provided in Article 14 of the General Conditions shall bear interest at the maximum rate allowed by law at the piace of the Project. I. AG-2 --_._------...;;~..,-