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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 in Paragraph 3 . 1 for Substantial Completion , if CONTRACTOR shall neglect, refuse or fail to complete the remaining work within the Contract Time 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 in Paragraph 3 . 1 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 $_167 . 500 . 00_ 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 ) , 00530-3 F:\Utilities\UTILITY - ENGINEERING\Projects - Utility Construction Permits\IRC - US 1 Water Main from Grove Isle Estates to Garden Grove UCP #2395\BID DOCUMENTS\BID DOCUMENTS\00530 EJCDC - REVISED (per Marion ) Agreement between Owner and Contractor.doc