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2. Completion of Remaining Work:After Substantial Completion, if Contractor shall neglect, refuse, <br /> or fail to complete the remaining Work within the Contract Times(as duly adjusted pursuant to <br /> the Contract)for completion and readiness for final payment,Contractor shall pay Owner <br /> $500.00 for each day that expires after such time until the Work is completed and ready for final <br /> payment. <br /> 3. Liquidated damages for failing to timely attain Substantial Completion and final completion are <br /> not additive and will not be imposed concurrently. <br /> ARTICLE 5—CONTRACT PRICE <br /> 5.01 Owner shall pay Contractor for completion of the Work in accordance with the Contract Documents the amounts <br /> that follow,subject to adjustment under the Contract: <br /> A. For all Unit Price Work, an amount equal to the sum of the extended prices(established for each <br /> separately identified item of Unit Price Work by multiplying the unit price times the actual quantity of that <br /> item) <br /> B. For all Work,at the prices stated in Contractor's Bid,attached hereto as an exhibit. <br /> C. The extended prices for Unit Price Work set forth as of the Effective Date of the Contract are based on <br /> estimated quantities. As provided in Paragraph 13.03 of Section 00700"General Conditions"of this <br /> Project Manual,estimated quantities are not guaranteed,and determinations of actual quantities and <br /> classifications are to be made by Engineer. <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 15 of the General Conditions. <br /> 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 monthly progress payments on account of the Contract Price on the basis of <br /> Contractor's Applications for Payment during performance of the Work as provided in Paragraph 6.02.A.1 <br /> below, provided that such Applications for Payment have been submitted in a timely manner and <br /> otherwise meet the requirements of the Contract.All such payments will be measured by the Schedule of <br /> Values established as provided in the General Conditions(and in the case of Unit Price Work based on the <br /> number of units completed)or, in the event there is no Schedule of Values,as provided elsewhere in the <br /> Contract. <br /> 1. Prior to Substantial Completion, progress payments will be made in an amount equal to the <br /> percentage indicated below but, in each case, less the aggregate of payments previously made <br /> and less such amounts as Owner may withhold, including but not limited to liquidated damages, <br /> in accordance with the Contract <br /> a. 95 percent of Work completed (with the balance being retainage); and <br /> b. 0 percent of cost of materials and equipment not incorporated in the Work(with the <br /> balance being retainage). <br /> 6.03 Progress Payment to Subcontractors <br /> A. For contracts within the State of Minnesota, MN Statute 471.425 Subd.4a.shall apply. MN Statute <br /> 471.425 Subd.4a. requires: <br /> 1. The prime contractor shall pay any subcontractor within ten days of the prime contractor's <br /> receipt of payment for undisputed services provided by the subcontractor. <br /> City of Elk River-R13.119052 AGREEMENT <br /> August 2019 PAGE 00520-2 <br /> ©Bolton&Menk,Inc.2019,All Rights Reserved <br />