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for delay (but not as a penalty) CONTRACTOR shall pay OWNER four-hundred and fifty <br /> dollars ($450 . 00) for each day that expires after the time specified in Paragraph 3 . 1 for <br /> Substantial Completion , if CONTRACTOR shall neglect, refuse or fail to complete the <br /> remaining work within the Contract Time or any proper extension thereof granted by <br /> OWNER , CONTRACTOR shall pay OWNER four-hundred and fifty dollars ($450 . 00 ) for <br /> each day that expires after the time specified in Paragraph 3 . 1 for completion and <br /> readiness for final payment . <br /> ARTICLE 4. CONTRACT PRICE . <br /> 4 . 1 OWNER shall pay CONTRACTOR for completion of the work in accordance with the <br /> Contract Documents in current funds in the amount of , 129 , 048 . 26 <br /> ARTICLE 5 . PAYMENT PROCEDURES . <br /> CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the <br /> General Conditions . Applications for Payment will be processed by ENGINEER as <br /> provided in the General Conditions . <br /> 5 . 1 Progress Payments . OWNER shall make progress payments on account of the <br /> Contract Price on the basis of CONTRACTOR' S Applications for Payment as <br /> recommended by ENGINEER , on or about the 30th day of each month during <br /> construction as provided below. The OWNER shall retain ten ( 10 ) percent of the <br /> payment amounts due to the CONTRACTOR until final completion and <br /> acceptance of all Work to be performed by the CONTRACTOR under the Contract <br /> Documents . Each request for a partial payment shall be submitted on an <br /> Application for Payment Form , which shall be accompanied by a executed copy of <br /> the Certification of Contractor. The OWNER will provide the forms . All progress <br /> payments will be on the basis of the progress of the work measured by the <br /> schedule of values established in Paragraph 2 . 056 and 2 . 07 of the General <br /> Conditions (and in the case of Unit Price Work based on the number of units <br /> completed ) , or, in the event there is no schedule of values , as provided in the <br /> General Requirements . <br /> 5 . 1 . 1 Prior to Substantial Completion , progress will be made in an amount equal <br /> to the percentage indicated below, but , in each case , less the aggregate of <br /> payments previously made and less such amounts as ENGINEER shall <br /> determine , or OWNER may withhold , in accordance with Paragraph 14 . 02 <br /> of the General Conditions . <br /> 90% of work completed . If work has been 50 % completed as determined <br /> by ENGINEER , and if the character and progress of the work have been <br /> satisfactory to OWNER and ENGINEER , OWNER , on recommendation of <br /> ENGINEER , may determine that as long as the character and progress of <br /> the work remain satisfactory to them , there will be no additional retainage <br /> on account of work completed , in which case the remaining progress <br /> 00530-3 <br /> F:\Utilities\UTILITY - ENGINEERING\Projects - Assessment Projects\KINGSLAKEWATER ASSESSMENT-UCP#2297\eng\bid <br /> docs\00530 EJCDC - Agreement between Owner and Contractor.doc <br />