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C. For all Work,at the prices stated in Contractor's Bid,attached hereto as an exhibit. <br /> ARTICLE 6-PAYMENT PROCEDURES <br /> 6.01 Submittal and Processing of Payments <br /> A. Contractor shall submit Applications for Payment in accordance with Artide 14 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 progress payments on account of the Contract Price on the basis of Contractor's Applications for <br /> Payment on or about the II&day of each month during performance of the Work as provided in Paragraphs <br /> 6.02.A.I and 6.02.A.2 below. All such payments will be measured by the schedule of values established as prodded <br /> in Paragraph 2.07.A of the General Conditions(and in the case of Unit Price Work based on the number of units <br /> completed)or,in the event 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 to the percentage indicated <br /> below but,in each case,less the aggregate of payments previously made and less such amounts as Engineer may <br /> determine or Owner may withhold,including but not limited to liquidated damages,in accordance with Paragraph <br /> 14.02 of the General Conditions: <br /> a. 5%percent of Work completed(with the balance being retainage). If the Work has been 50 percent <br /> completed as determined by Engineer,and if the characterand progress of the Work have been satisfactory to <br /> Owner and Engineer,Owner,on recommendation of Engineer,may determine that as long as the character <br /> and progress of the Work remain satisfactory to them,there will be no additional retainage;and <br /> b. 5%percent of cost of materials and equipment not incorporated in the Work(with the balance being <br /> retainage). <br /> 6.03 Final Payment <br /> A. Upon final completion and acceptance of the Work in accordance with Paragraph 14.07 of the General Conditbm, <br /> Owner shall pay the remainder of the Contract Price as recommended by Engineer as provided in said Paragraph <br /> 14.07. <br /> ARTICLE 7-INTEREST <br /> 7.01 All moneys not paid when due as provided in Article 14 of the General Conditions shall bear interestat the rate of <br /> 1.5%percent per annum. <br /> ARTICLE 8—CONTRACTOR'S REPRESENTATIONS <br /> 8,01 In order to induce Owner to enter into this Agreement Contractor makes the following representations: <br /> A. Contractor has examined and carefully studied the ContractDocuments and the other related data identified in the <br /> Bidding Documents. <br /> B. Contractor has visited the Site and become familiar with and is satisfied as to the general,local,and Site conditions <br /> that may affect cost,progress,and performance ofthe Work. <br /> C. Contractor is familiar with and is satisfied as to all federal,state,and local Laws and Regulations that may affect cost, <br /> progress,and performance of the Work. <br /> EJCDC C-520 Suggested Form of Agreement Between Owner and Contractor for Construction Contract(Stipulated Price) <br /> Copyright 8 2002 National Society of Professional Engineers for EJCDC. All rights reserved. <br /> 00520-3 <br />