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<br />for each day that expires after the time specified in paragraph 3.1 for each Substantial <br />Completion date until the Work is substantially complete. If CONTRACTOR shall neglect, <br />refuse or fail to complete the project by the project completion date within the time specified <br />in paragraph 3.1 for completion and readiness for final payment or any proper extension <br />thereof granted by OWNER, CONTRACTOR shall pay OWNER One Thousand and 00/100 <br />dollars ($1000.00) for each day that expires after the time specified in paragraph 3.1 for <br />completion and readiness for final payment. <br /> <br />Article 4. CONTRACT PRICE. <br /> <br />OWNER shall pay CONTRACTOR for completion of the Work in accordance with the Contract <br />Documents an amount in current funds equal to the sum of the amounts determined pursuant to <br />paragraphs 4.1 below: <br /> <br />FOR A LUMP SUM CONTRACT OF: <br /> <br />TOTAL BASE BID (Lump sum, Unit prices, and contingency items) <br /> <br />(use words) <br /> <br />($ <br />figures <br /> <br />As provided in paragraph 11 .03 of the General Conditions estimated quantities are not guaranteed, <br />and dete"l'ti1inations Of actual quantities and classification are to be made by ENGINEER as provided in <br />paragraph 9.08 of the General Conditions. Unit prices have been computed as provided in paragraph <br />11.03.B of the General Conditions. <br /> <br />Article 5. PAYMENT PROCEDURES. <br /> <br />CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the General <br />Conditions. Applications for Payment will be processed by ENGINEER as provided in the General <br />Conditions. <br /> <br />5.1. Progress Payments; Retainage. OWNER shall make progress payments on account of <br />the contract Price on the basis of CONTRACTOR's Applications for Payment as recommended <br />by ENGINEER, on or about the last day of each month during construction as provided in <br />paragraphs 5.1.1. and 5.1.2. below. All such payments will be measured by the schedule of <br />values established in paragraph 2.07 of the General Conditions (and in the case of Unit Price <br />Work based on the number of units completed) or, in the event there is no schedule of values, <br />as provided in the General Requirements. <br /> <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 the <br />aggregate of payments previously made and less such amounts as ENGINEER shall <br />determine, or OWNER may withhold, in accordance with paragraph 14.02 of the <br />General Conditions. <br /> <br />~ % of Work completed (with the balance being retainage). If Work has <br />been 50% completed as determined by ENGINEER, and if the character and <br />progress of the Work have been satisfactory to OWNER and ENGINEER, <br />OWNER, on recommendation of ENGINEER, may determine that as long as <br />the character and progress of the Work remain satisfactory to them, there <br />will be no additional retainage on account of Work completed, in which case <br />the remaining progress payments prior to Substantial Completion will be in an <br />amount equal to 100% of the Work completed. <br /> <br />09/09 <br /> <br />00500-2 <br /> <br />03-4122.F <br />