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IF <br /> maintained on schedule by the Party of the First <br /> Part, or in the event the work is not completed <br /> within the time above specified, the Party of the <br /> Second Part may upon fifteen (15) days notice, sent <br /> by Registered Mail, to the Party of the First Part <br /> and his Surety, declare this Contract in default, <br /> and, thereupon, such Surety shall promptly take <br /> over the said work and complete the performance of <br /> this Contract in the manner and within the time <br /> above specified, and all funds due or to become due <br /> to the Party of the First Part shall be paid to the <br /> Surety. In the event the Surety shall fail to take <br /> over the work to be done under this Contract within <br /> fifteen (15) days after being so notified and <br /> notify the Party of the Second Part in writing, <br /> sent by Registered Mail, that he is taking the same <br /> over and stating that he will diligently pursue and <br /> complete the same, the Party of the Second Part <br /> shall have the right to let the work remaining to <br /> be done to some other Contractor, either by public <br /> letting or negotiation, and thereupon the Party of <br /> the First Part, the Contractor, and the Surety on <br /> his Bond shall forthwith pay the Party of the <br /> Second Part all increase in cost or loss and damage <br /> which it may sustain on account of such default on <br /> the part of the Party of the First Part. <br /> 3. The Party of the Second Party hereby agrees to pay <br /> to the Party of the First Part for the faithful <br /> performance of this Agreement, subject to additions <br /> and deductions as provided in the specifications or <br /> proposal, in lawful money of the United States as <br /> follows: Ninteen thousand dollars _ <br /> ($19,000 ) <br /> Summary of Contract Award: <br /> 4. On or before the 20th day of each calendar month, <br /> the Party of the Second Part shall make payments to <br /> the Party of the First Part on the on the basis of <br /> a duly certified and approved estimate of work <br /> performed during the preceding calendar month by <br /> the First Party, less five percent (5%) of the <br /> amount of such estimate which is to be retained by <br /> the Second Party until all work has been performed <br /> strictly in accordance with this Agreement and <br /> until such work has been accepted by the Second <br /> Party. The Second Party may elect to waive <br /> retainage requirements after 50% of the work has <br /> been satisfactorily completed on schedule as <br /> referred to in Article 30 of the General <br /> Conditions. <br /> 5. Upon submission by the First Party of evidence <br /> satisfactory to the Second Party that all payrolls, <br /> material bills and other costs incurred by the <br /> First Party in connection with the construction of <br /> the work has been within thirty (30) days after the <br /> completion by the First Party " of all work covered <br />