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<br />. <br /> <br />e <br /> <br />penalty) CON~RAC~OR shall pay OWNER bo hundred (200.00) <br />dollars for each day that expires after the time <br />specified for Substantial Completion until the Work is <br />substantially complete. After Substantial Completion if <br />CON~RAC~OR shall neglect, refuse or fail to complete the <br />remaining Work within the Contract Time or any proper <br />extension thereof granted by OWNER, CONTRAC~OR shall pay OWNER <br />~ hundred (200.00) dollars for each day that <br />expires after the time specified above for completion and <br />readiness for final payment. <br /> <br />Article 4. CON~RAC~ PRICE. <br /> <br />4.1. OWNER shall pay CONTRAC~OR for completion of the <br />Work in accordance with the Contract Documents in current <br />funds as follows: <br /> <br />See attached contract and bid proposal. <br /> <br />Article 5. PAYMEN~ PROCEDURES. <br /> <br />CON~RAC~OR shall submit Applications for Payment in accordance with <br />the General Conditions. Applications for Payment will be processed <br />by ENGINEER as provided in the General Conditions. <br /> <br />5.1. Progress Payments. OWNER shall make progress <br />payments on account of the Contract Price on the basis of <br />CON~RAC~OR'S Applications for Payment as recommended by <br />ENGINEER, on or about the 25th day of each month <br />during construction as provided below. All progress <br />payments will be on the basis of the progress of the Work <br />measured by the schedule of values established in the <br />General Conditions (and in the case of Unit Price Work <br />based on the number of units completed) or, in the event <br />there is no schedule of values, as provided in the <br />General Requirements. <br /> <br />5.1.1. Prior to Substantial Completion, progress payments <br />will be made in an amount equal to the percentage <br />indicated below, but, in each case, less the aggregate of <br />payments previously made and less such amounts ~s <br />ENGINEER shall determine, or OWNER may withhold, in <br />accordance with the General Conditions. <br /> <br />90% of Work completed. <br /> <br />90% of materials and equipment not <br />incorporated in the Work (but delivered, <br />suitably stored and accompanied by documents <br />satisfactory to OWNER as provided in the <br />General Conditions). <br /> <br />2 <br /> <br />