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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 1272,782.50 <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 2.9 of the General Conditions (and in <br /> the case of Unit Price Work based on the number of units completed), or, in the <br /> event there is no schedule of values, as provided in the General Requirements. <br /> 5.1.1 Prior to Substantial Completion, progress payments will be made in an <br /> amount equal to the percentage indicated below, but, in each case, less <br /> the aggregate of payments previously made and less such amounts as <br /> ENGINEER shall determine, or OWNER may withhold, in accordance with <br /> Paragraph 14.7 of the General Conditions. <br /> 50% of materials and equipment not incorporated in the work (but <br /> delivered, suitably stored and accompanied by documentation satisfactory <br /> to OWNER as provided in Paragraph 14.2 of the General Conditions). <br /> 5.2 Final payment. Upon final completion and acceptance of the work in accordance <br /> with Paragraph 14.13 of the General Conditions, OWNER shall pay the remainder <br /> of the Contract Price as recommended by ENGINEER as provided in said <br /> Paragraph 14.13. <br /> 00530-3 <br /> C:\DOCUME-1\gordons\LOCALS-1\Temp\00530 EJCDC-REVISED(per Marion)Agreement between Owner and Contractor.doc <br />