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take over the said work and complete the performance of this <br />Contract in the manner and within the time above specified, and <br />all funds due or to become due to the Party of the First Part <br />shall be. paid to the Surety. In the event the Surety shall fail <br />to take over the work to be done under this Contract within <br />fifteen (15) days after being so notified and notify the Party of <br />the Second Part in writing, sent by Registered Mail, that he is <br />taking the same over and stating that he will diligently pursue <br />and complete the same, the Party of the Second Part shall have <br />the right to let the work remaining to be done to some other <br />Contractor, either by public letting or negotiation, and <br />thereupon the Party of the First Part, the Contractor, and the <br />Surety on his Bond shall forthwith pay the Party of the Second <br />Part all increase in cost or loss and damage which it may sustain <br />on account of such default on the part of the Party of the First <br />Part. <br />3. The, Party of the Second Part hereby agrees . to pay to the <br />Party of the First Part for the faithful performance of this <br />Agreement, subject to additions and deductions as provided in the <br />specifications or proposal, in lawful money of the United States <br />as follows: twen one thousand nine hundred seven eight dollars <br />($21.,978. _ <br />Summary of Contract Award:. Lake Orange Spillway Flashboard System <br />4. On or before the 20th day of each calendar month, the <br />Party of the Second Part shall make payments to the Party of the <br />First Part on the basis of a duly certified and approved estimate <br />of work performed during the preceding calendar month by the <br />First Party, less five percent (5%). of the amount of such <br />estimate which is to be retained by the Second Party until all <br />work has been performed strictly in accordance with this <br />Agreement and until such work ,has been accepted by the Second <br />Party. The Second Party may elect to waive retainage <br />requirements after 50% of the work has been satisfactorily <br />completed on schedule as referred to in Article 30 of`the General <br />Conditions. <br />5. Upon submission by the First Party of evidence <br />satisfatory to the Second Party that all payrolls, material bills <br />and other costs incurred by the First Party in connection with <br />the construction of the work has been paid in full, final payment <br />on account of this Agreement shall be made within thirty (30) <br />days after the completion by the First Party of all work covered <br />by this Agreement and the acceptance of such work by the Second <br />Party. <br />6. It is further mutually agreed between the parties hereto <br />that if at any time after the execution of this Agreement and the <br />Surety Bond hereto attached for its faithful performance, the <br />Second Party shall deem the Surety or Sureties upon such Bond to <br />be unsatisfactory, or if, for any reason, such Bond ceases to be <br />FOCC --2/3 <br />