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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 $33 , 308 . 00 . <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 an executed copy <br /> of the Certification of Contractor. The OWNER WILL provide the forms . All <br /> progress payments will be on the basis of the progress of the work measured by <br /> the schedule of values established in Paragraph 2 . 9 of the General Conditions <br /> (and in the case of Unit Price Work based on the number of units completed) , or, <br /> in the event there is no schedule of values , as provided in the General <br /> 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 \PHILTO- 1 \LOCALS~ 1 \TEMP\00530 EJCDC - REVISED (per Marion) Agreement between Owner and <br /> Contractor. doc <br />