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3. The Party of the Second Part hereby agrees to pay to the Party of the First Part for the faithful <br /> performance of this Agreement, subject to additions and deductions as provided in the specifications or <br /> proposal,in lawful money of the United States as follows: seven hundred thirteen thousand six hundred <br /> twenty-nine&no/100 dollars($713.629.00). <br /> Summary of Contract Award: <br /> Base Bid Only,with the following deletions: <br /> Delete two(2)above-ground lifts @$10,750...................<$21,500> <br /> Deleteasphalt topping........................................................< 62,748> <br /> Delete electric hoist in Tire Bay........................................< 11,123> <br /> Contract amount does not include reimbursable sales tax moneys, estimated at$20,000. <br /> Sales taxes paid by the Party of the First Part shall be reimbursed by the Party of the <br /> Second Part. The Party of the First Part shall include sales&use taxes paid by him as a <br /> separate line item on the Application for Payment, and shall document those taxes on a <br /> Sales Tax Report. <br /> 4. On or before the 20th day of each calendar month,the Party of the Second Part shall make payments <br /> to the Party of the First Part on the basis of a duly certified and approved estimate of work performed <br /> during the preceding calendar month by the First Party,less ten percent(10%) of the amount of such es- <br /> timate which is to be retained by the Second Party until all work has been performed strictly in <br /> accordance with this Agreement and until such work has been accepted by the Second Party. <br /> 5. Upon submission by the First Party of evidence satisfactory to the Second Party that all payrolls, ma- <br /> terial bills and other costs incurred by the First Party in connection with the construction of the work has <br /> been paid in full,final payment on account of this Agreement shall be made within thirty (30) days after <br /> the completion by the First Party of all work covered by this Agreement and the acceptance of such work <br /> by the Second Party. <br /> 6. It is further mutually agreed between the parties hereto that if at any time after the execution of this <br /> Agreement and the Surety Bonds hereto attached for its faithful performance, and Second Party shall <br /> deem the Surety or Sureties upon such bonds to be unsatisfactory,or if for any reason, such Bonds cease <br /> to be adequate to cover the performance of the work,the First Party shall, at its expense,within five (5) <br /> days after the receipt of notice from the Second Party so to do, furnish an additional Bond or Bonds in <br /> such form and amount,and with such Surety or Sureties as shall be satisfactory to the Second Party. In <br /> such event no further payment to the First Party shall be deemed to be due under this Agreement until <br /> such now or additional security for the faithful performance of the work shall be furnished in manner <br /> and form satisfactory to the Second Party. <br /> CONSTRUCTION CONTRACT-Page 2 of 3 <br /> 1 - I <br />