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<br />I <br />I <br />I <br />I <br />I <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />Thousand Five Hundred and 00/100 dollars ($1500.00) for each day that expires after the time <br />specified in paragraph 3.1 for each Substantial Completion date until the Work is substantially <br />complete. If CONTRACTOR shall neglect, refuse or fail to complete the project by the project <br />completion date within the time specified in paragraph 3.1 for completion and readiness for final <br />payment or any proper extension thereof granted by OWNER, CONTRACTOR shall pay OWNER <br />One Thousand and 00/100 dollars ($1000.00) for each day that expires after the time specified in <br />paragraph 3.1 for completion and readiness for final payment. <br /> <br />Article 4. CONTRACT PRICE. <br /> <br />OWNER shall pay CONTRACTOR for completion of the Work in accordance with the Contract <br />Documents an amount in current funds equal to the sum of the amounts determined pursuant to <br />paragraphs 4.1 below: <br /> <br />4.1 FOR A LUMP SUM CONTRACT OF: <br /> <br />TOTAL BASE BID (Lump sum, Unit prices, and contingency items) <br /> <br />One Million Sixty Six Thousand EiQht Hundred EiQhty Four and 00/100 <br />(use words) ($ 1.066.884.00) <br />figures <br /> <br />As provided in paragraph 11.03 of the General Conditions estimated quantities are not guaranteed, and <br />determinations 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 />11.03.8 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 by <br />ENGINEER, on or about the last day of each month during construction as provided in paragraphs <br />5.1.1. and 5.1.2. below. All such payments will be measured by the schedule of values established <br />in paragraph 2.07 of the General Conditions (and in the case of Unit Price Work based on the <br />number of units completed) or, in the event there is no schedule of values, as provided in the <br />General Requirements. <br /> <br />5.1.1. Prior to Substantial Completion, progress payments will be made in an amount <br />equal to the percentage indicated below, but, in each case, less the aggregate of <br />payments previously made and less such amounts as ENGINEER shall determine, or <br />OWNER may withhold, in accordance with paragraph 14.02 of the General Conditions. <br /> <br />.J!Q.... % of Work completed (with the balance being retainage). If Work has been <br />50% completed as determined by ENGINEER, and if the character and progress <br />of the Work have been satisfactory to OWNER and ENGINEER, OWNER, on <br />recommendation of ENGINEER, may determine that as long as the character and <br />progress of the Work remain satisfactory to them, there will be no additional <br />retainage on account of Work completed, in which case the remaining progress <br />payments prior to Substantial Completion will be in an amount equal to 100% of <br />the Work completed. <br /> <br />Final Version 9/07 <br /> <br />00500-2 <br /> <br />03-4197 <br />