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' 1. Prior to Substantial Completion, progress payments will be made in an amount <br /> equal to the percentage indicated below but, in each case, less the aggregate of <br /> payments previously made and less such amounts as Engineer may determine or <br /> ' Owner may withhold, including but not limited to liquidated damages, in <br /> accordance with Paragraph 14.02 of the General Conditions. <br /> a. 95 percent of Work completed (with the balance being retainage). If the Work <br /> has been 50 percent completed as determined by Engineer, and if the character <br /> and progress of the Work have been satisfactory to Owner and Engineer, then <br /> ' as long as the character and progress of the Work remain satisfactory to Owner <br /> and Engineer,there will be no additional retainage; and <br /> B. Upon Substantial Completion, Owner shall pay an amount sufficient to increase total <br /> ' payments to Contractor to 95 percent of the Work completed, less such amounts as <br /> Engineer shall determine in accordance with Paragraph 14.02.13.5 of the General <br /> ' Conditions and less 2_5 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 /> ' 5.03 Final Payment <br /> A. Upon final completion and acceptance of the Work in accordance with Paragraph 14.07 <br /> ' of the General Conditions, Owner shall pay the remainder of the Contract Price as <br /> recommended by Engineer as provided in said Paragraph 14.07. <br /> ' ARTICLE 6—CONTRACTOR'S REPRESENTATIONS <br /> ' 6.01 In order to induce Owner to enter into this Agreement, Contractor makes the following <br /> representations: <br /> A. Contractor has examined and carefully studied the Contract Documents and the other <br /> related data identified in the Bidding Documents. <br /> ' B. Contractor has visited the Site and become familiar with and is satisfied as to the <br /> general, local, and Site conditions that may affect cost, progress, and performance of <br /> the Work. <br /> ' C. Contractor is familiar with and is satisfied as to all federal, state, and local Laws and <br /> Regulations that may affect cost,progress, and performance of the Work. <br /> ' D. Contractor has reviewed all General and Supplementary Conditions applicable to the <br /> Work. <br /> E. Contractor has considered the information known to Contractor;information commonly <br /> known to contractors doing business in the locality of the Site; information and <br /> observations obtained from visits to the Site; the Contract Documents; and the Site- <br /> ' related reports and drawings identified in the Contract Documents, with respect to the <br /> effect of such information, observations, and documents on (1) the cost, progress, and <br /> performance of the Work; (2)the means, methods, techniques, sequences, and <br /> EJCDC C-520 Modified Form of Agreement Between Owner and Contractor for Construction Contract(Stipulated Price) <br /> Copyright©2007 National Society of Professional Engineers for EJCDC.All rights reserved. <br /> Page 3 of 7 <br />