Laserfiche WebLink
<br />shall pay OWNER One Thousand Five Hundred dollars ($1,500.00) <br />for each day that expires after the time specified in paragraph <br />3.1. for substantial completion until the Work is substantially <br />complete. The intent is to reimburse the OWNER for costs that <br />will be associated with providing water to its' stockholders <br />downstream of Clark Lake if the project is not completed as <br />stated. <br /> <br />ARTICLE 4. <br /> <br />CONTRACT PRICE. <br /> <br />4.1. OWNER shall <br />in accordance with the <br />outlined in the BASIS <br /> <br />pay CONTRACTOR for performance of the Work <br />CONTRACT DOCUMENTS in current funds as <br />OF CONTRACT AWARD and Schedules "A" and <br /> <br />ItBU. <br /> <br />ARTICLE 5. <br /> <br />PAYMENT PROCEDURES. <br /> <br />Contractor shall submit Applications for Payment in <br />accordance with Article 14 of the General Conditions. Applica- <br />tions for Payment will be processed by ENGINEER as provided in <br />the General Conditions. <br /> <br />5.1. PROGRESS PAYMENTS. OWNER shall make progress payments <br />on account of the Contract Price on the basis of CONTRAC- <br />TOR'S Applications for Payment as recommended by ENGINEER, <br />on or about the 15th day of each month during construction <br />as provided below. All progress payments will be on the <br />basis of the progress of the Work measured by the schedule <br />of values established in Schedule "A" of the BID PROPOSAL, <br />or in the case of Unit Price Work based on the number of <br />units completed or, in the event there is no schedule of <br />values, as provided in the General Requirements. <br /> <br />5.1.1. Prior to Substantial Completion, progress <br />payments will be in the amount equal to the percentage <br />indicated below, but, in each case, less the aggregate <br />of payments previously made and less such amounts as <br />ENGINEER shall determine, or OWNER may withhold, in <br />accordance with paragraph 14.7. of the General <br />Conditions. <br /> <br />90% of Work completed. <br /> <br />90% of materials and equipment not incorporated in the <br />Work (but delivered, suitably stored and accompanied by <br />documentation satisfactory to OWNER as provided in <br />paragraph 14.2. of the General Conditions). <br /> <br />5.2. FINAL PAYMENT. Upon final completion and acceptance of <br />the Work in accordance with paragraph 14.13. of the <br />General Conditions, OWNER shall pay the remainder of the <br />Contract Price as recommended by ENGINEER as provided in <br /> <br />CD-2 <br />