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3.2 Liquidated Damages. OWNER and CONTRACTOR recognize that <br />time is of the essence of this Agreement and that OWNER will <br />suffer financial loss if the work is not completed within the <br />times specified in Paragraph 3.1 above, plus any extensions <br />thereof allowed in accordance with Article 12 of the General <br />Conditions . They also recognize the delays, expense and <br />difficulties involved in proving in a legal or arbitration <br />proceeding the actual loss suffered by OWNER if the work is <br />not completed on time. Accordingly, instead of requiring any <br />such proof , OWNER and CONTRACTOR agree that as liquidated <br />damages for delay (but not as a penalty) CONTRACTOR shall pay <br />OWNER four-hundred and fifty dollars ($450.00) for each day <br />that expires after the time specified in Paragraph 3 .1 for <br />S ubstantial Completion, if CONTRACTOR shall neglect, refuse <br />or fail to complete the remaining work within the Contract <br />Time or any proper extension ther~of granted by OWNER, <br />CONTRACTOR shall pay OWNER four -hundred and fifty dollars <br />($450.00) for each day that expires after the time specified <br />in Paragraph 3 .1 for completion and readiness for final <br />payment. <br />Article 4. CONTRACT PRICE . <br />4.1 OWNER shall pay CONTRACTOR for completion of the work in <br />accordance with the Contract Documents in current funds in <br />the amount of $1,074,351 .2 0. <br />Article 5 . PAYMENT PROCEDURES. <br />CONTRACTOR shall submit Applications for Payment in <br />accordance with Article 14 of the General Conditions. <br />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 <br />on account of the Contract Price on the basis of CONTRACTOR's <br />Applications for Payment as recommended by ENGINEER , on or <br />about the 30th day of each month during construction as <br />provided below. All progress payments will be on the basis <br />of the progress of the work measured by the schedule of <br />values established in Paragraph 2 .9 of the General Conditions <br />(and in the case of Unit Price Work based on the number of <br />units completed), or, in the event there is no schedule of <br />values, as provided in the General Requirements.