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delays , expense and difficulties involved in proving in a legal proceeding the actual loss suffered by OWNER if the work is not completed on time . Accordingly , instead of requiring any such proof, OWNER and CONTRACTOR agree that as liquidated damages for delay (but not as a penalty) CONTRACTOR shall pay OWNER four-hundred and fifty dollars ($450 . 00) for each day that expires after the time specified for Substantial Completion . If CONTRACTOR shall neglect, refuse or fail to complete the remaining work within the Contract or any proper extension thereof granted by OWNER , CONTRACTOR shall pay OWNER four hundred and fifty dollars ($450 . 00 ) for each day that expires after the time specified for completion and readiness for final payment. ARTICLE 4. CONTRACT PRICE . 4 . 1 OWNER shall pay CONTRACTOR for completion of the work in accordance with the Contract Documents in current funds in the amount of $.99 - 100 , 00 .1 ARTICLE 5. PAYMENT PROCEDURES. CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the General Conditions . Applications for Payment will be processed by ENGINEER as provided in the General Conditions . 5 . 1 Progress Payments . OWNER shall make progress payments on account of the Contract Price on the basis of CONTRACTOR'S Applications for Payment as recommended by ENGINEER, on or about the 30th day of each month during construction as provided below. The OWNER shall retain ten ( 10) percent of the payment amounts due to the CONTRACTOR until final completion and acceptance of all Work to be performed by the CONTRACTOR under the Contract Documents . Each request for a partial payment shall be submitted on an Application for Payment Form , which shall be accompanied by an executed copy of the Certification of Contractor. The OWNER WILL provide the forms . All progress payments will be on the basis of the progress of the work measured by the schedule of values established in Paragraph 2 . 9 of the General Conditions (and in the case of Unit Price Work based on the number of units completed ) , or, in the event there is no schedule of values , as provided in the General Requirements , 5 . 1 . 1 Prior to Substantial Completion , progress payments will be made in an amount equal to the percentage indicated below, but, in each case , less the aggregate of payments previously made and less such amounts as ENGINEER shall determine , or OWNER may withhold , in accordance with Paragraph 14 . 7 of the General Conditions . 50% of materials and equipment not incorporated in the work (but delivered , suitably stored and accompanied by documentation satisfactory to OWNER as provided in Paragraph 14 . 2 of the General Conditions) . 5 . 2 Final payment. Upon final completion and acceptance of the work in accordance 00530-3 F:\Utilities\UTILITY - ENGINEERING\Projects - Utility Construction Permits\IRC - 77th Street 12-inch FM Extension to NC WWTP UCP #2500\BID DOCUMENTS\BID DOCUMENTS\00530 EJCDC - REVISED (per Marion) Agreement between Owner and Contractor.doc