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000435-08134-0 <br />”2008 Bonestroo AGREEMENT FORM00520-2 <br />Substantial Completion until the Work is Substantially Complete. After Substantial Completion, if Contractor <br />shall neglect, refuse, or fail to complete the remaining Work within the Contract Time or any proper extension <br />thereof granted by Owner, Contractor shall pay Owner $500 for each day that expires after the time specified in <br />Paragraph 4.02 for completion and readiness for Final Payment until the Work is completed and ready for Final <br />Payment. <br />ARTICLE 5 - CONTRACT PRICE <br />5.01 Owner shall pay Contractor for completion of the Work in accordance with the Contract Documents an <br />amount in current funds as follows: For all Work at the prices stated in Contractor’s Bid, attached hereto as an <br />exhibit. <br />ARTICLE 6 - PAYMENT PROCEDURES <br />6.01 Submittal and Processing of Payments <br />A.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 Conditions. <br />6.02 Progress Payments; Retainage <br />A.Owner shall make progress payments on account of the Contract Price on the basis of <br />Contractor’s Applications for Payment, monthly during performance of the Work as provided in <br />Paragraphs 6.02.A1 and 6.02.A2 below. All such payments will be measured by the Schedule of Values <br />established in Paragraph 2.07.A of the General Conditions (and in the case of Bid 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 General <br />Requirements: <br />1.Prior to Substantial Completion, progress payments will be made in an amount equal to <br />the percentage indicated below, but in each case, less the aggregate of payments previously made and <br />less such amounts as Engineer may determine or Owner may withhold, including but not limited to <br />liquidated damages, in accordance with Paragraph 14.02 of the General Conditions: <br />a.95 percent of Work completed (with the balance being retainage). <br />b.95 percent of cost of materials and equipment not incorporated in the Work <br />(with the balance being retainage). <br />2.Upon Substantial Completion, Owner shall pay an amount sufficient to increase total <br />payments to Contractor to 100 percent of the Work completed, less such amounts as Engineer shall <br />determine in accordance with Paragraph 14.02.B5 of the General Conditions and less 100 percent of <br />Engineer’s estimate of the value of Work to be completed or corrected as shown on the tentative list of <br />items to be completed or corrected attached to the certificate of Substantial Completion. <br />6.03 Final Payment <br />A.Upon Final Completion and acceptance of the Work, in accordance with Paragraph 14.07 of the <br />General Conditions, Owner shall pay the remainder of the Contract Price as recommended by Engineer as <br />provided in said Paragraph 14.07.