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13 <br /> 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 Article 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 10th day of each month during performance of the Work as provided in Paragraphs <br /> 6.02.A.1 and 6.02.A.2 below. All such payments will be measured by the schedule of values established as provided <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 character and 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 Conditions, <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 interest at the rate of <br /> L5% 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 Contract Documents 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 of the 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 />