2.6. ERMUSR 03-15-2016 - Laserfiche WebLink

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Owner$500 for each day that expires after such time until the Work is completed and ready for final payment. 3. Liquidated damages for failing to timely attain Substantial Completion and final completion are not additive and will not be imposed concurrently. 4.04 Special Damages A. In addition to the amount provided for liquidated damages, Contractor shall reimburse Owner(1)for any fines or penalties imposed on Owner as a direct result of the Contractors failure to attain Substantial Completion according to the Contract Times,and(2)for the actual costs reasonably incurred by Owner for engineering construction observation, inspection,and administrative services needed after the time specified in Paragraph 4.02 for Substantial Completion(as duly adjusted pursuant to the Contract),until the Work is substantially complete. B. After Contractor achieves Substantial Completion, if Contractor shall neglect, refuse,or fail to complete the remaining Work within the Contract Times, Contractor shall reimburse Owner for the actual costs reasonably incurred by Owner for engineering,construction observation,inspection,and administrative services needed after the time specified in Paragraph 4.02 for Work to be completed and ready for final payment(as duly adjusted pursuant to the Contract),until the Work is completed and ready for final payment. ARTICLE 5—CONTRACT PRICE 5,01 Owner shall pay Contractor for completion of the Work in accordance with the Contract Documents the amounts that follow,subject to adjustment under the Contract A. For all Work,at the prices stated in Contractor's Bid attached hereto as Document 00 41 00, ARTICLE 6—PAYMENT PROCEDURES 6.01 Submittal and Processing of Payments A. Contractor shall submit Applications for Payment in accordance with Article 15 of the General Conditions.Applications for Payment will be processed by Engineer as provided in the General Conditions. 6.02 Progress Payments;Retainage A. Subject to the provisions of SC-15.01.C, Owner shall make monthly progress payments on account of the Contract Price on the basis of Contractor's Applications for Payment during performance of the Work as provided in Paragraph 6.02.A.1 below, provided that such Applications of Payment have been submitted in a timely manner and otherwise meet the requirements of the Contract All such payments will be measured by the Schedule of Values established as provided in the General Conditions(and in the case of Unit Price Work based on the number of units completed)or,in the event there is no Schedule of Values,as provided elsewhere in the Contract: 1. Prior to Substantial Completion,progress payments will be made in an amount equal to the percentage indicated below but, in each case,less the aggregate of payments previously made and less such amounts as Owner may withhold, including but not limited to liquidated damages. in accordance with the Contract: a. 95 percent of Work completed(with the balance being retainage). b. 95 percent of cost of materials and equipment not incorporated in the Work(with the balance being retainage). B. Upon Substantial Completion,Owner shall pay an amount sufficient to increase total payments to Contractor to 100 percent of the Work completed, less such amounts set off by Owner pursuant to Paragraph 15.01.E of the General Conditions,and less 100 percent of Engineer's estimate of the value of Work to be completed or corrected as shown on the punch list of items to be completed or corrected prior to final payment Standard Farm of Agreement 005200-2 ELKMU 134310 102