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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 <br /> after the time specified in Paragraph 4.02 for completion and readiness for Final Payment <br /> until the Work is completed and ready for Final Payment. <br /> ARTICLE 5- CONTRACT PRICE <br /> 5.01 Owner shall pay Contractor for completion of the Work in accordance with the Contract <br /> Documents an amount in current funds as follows: <br /> A. For all Work at the prices stated in Contractor's Bid, attached hereto as an exhibit.The Bid <br /> prices for Unit Price Work set forth as of the Effective Date of the Agreement are based on <br /> estimated quantities. As provided in Paragraph 11.03 of the General Conditions, estimated <br /> quantities are not guaranteed, and determinations of actual quantities and classifications <br /> are to be made by Engineer as provided in Paragraph 9.07 of the General Conditions. <br /> B. Original Contract Amount is based on [fill in amount after Award]. <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 <br /> General Conditions. Applications for Payment will be processed by Engineer as provided in <br /> 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 <br /> provided in Paragraphs 6.02.A1 and 6.02.A2 below. All such payments will be measured by <br /> the Schedule of Values established in Paragraph 2.07.A of the General Conditions (and in <br /> the case of Bid Unit Price Work based on the number of units completed) or, in the event <br /> there is no Schedule of Values, as provided in the General Requirements: <br /> 1. Prior to Substantial Completion, progress payments will be made in an amount equal <br /> to the percentage indicated below, but in each case, less the aggregate of payments <br /> previously made and less such amounts as Engineer may determine or Owner may <br /> withhold, including but not limited to liquidated damages, in accordance with <br /> 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 (with <br /> 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 <br /> Engineer shall determine in accordance with Paragraph 14.02.65 of the General <br /> Conditions and less 200 percent of Engineer's estimate of the value of Work to be <br /> completed or corrected as shown on the tentative list of items to be completed or <br /> corrected attached to the certificate of Substantial Completion. <br /> AGREEMENT FORM <br /> 0 2015 Stantec 1 193803352 005210-2 <br />