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After substantial completion, if CONTRACTOR shall neglect, refuse or fail to complete the <br /> remaining Work within the Contract time or any proper extension thereof granted by <br /> COUNTY, CONTRACTOR shall pay COUNTY Six Hundred Dollars ($600.00) for each <br /> day that expires after the time specified in paragraph 3.1 for completion and readiness for <br /> final payment. <br /> Article 4. CONTRACT PRICE <br /> 4.1. COUNTY shall pay CONTRACTOR for completion of the Work in accordance with the <br /> Contract Documents in current funds as follows: <br /> Contract Price in Words Three Hundred Forty Six Thousand And No/100 <br /> Contract Price in Figures $ 346,000 <br /> Article 5. PAYMENT PROCEDURES <br /> CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the <br /> General Conditions. Applications for Payment will be processed by ENGINEER as provided in the <br /> General Conditions. <br /> 5.1. Progress Payments. COUNTY shall make progress payments on account of the Contract <br /> Price on the basis of CONTRACTORS Applications for Payment as recommended by <br /> ENGINEER, on or about the 15th day of each month during construction as provided <br /> below. All progress payments will be on the basis of the progress of the Work measured by <br /> the schedule of values established in paragraph 2.9 of the General Conditions (and in the <br /> case of Unit Price Work based on the number of units completed)or,in the event there is no <br /> schedule of values, as provided in the General Requirements. <br /> 5.1.1. Prior to Final 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 <br /> previously made and less such amounts as ENGINEER shall determine, or <br /> COUNTY may withhold, in accordance with paragraph 14.7 of the General <br /> Conditions. <br /> 95%of Work completed. <br /> 95% of materials and equipment not incorporated in the Work (but <br /> delivered, suitably stored and accompanied by documentation satisfactory to <br /> COUNTY as provided in paragraph 14.2 of the General Conditions). <br /> 5.1.2. Final Payment. Upon final completion and acceptance of the Work in accordance <br /> with paragraph 14.13 of the General Conditions, COUNTY shall pay the remainder <br /> May 23,2000 00500-2 <br />