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<br />Article 5. PAYMENT PROCEDURES. <br /> <br />CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the General <br />Conditions. Applications for Payment will be processed by ENGINEER as provided in the General <br />Conditions. <br /> <br />5.1 Progress Payments, OWNER shall make progress payments on account of the Contract Price on the <br />basis of CONTRACTOR's Applications for Payment as recommended by ENGINEER, on or about the <br />last day of each month during construction as provided below. All Progress payments will be on the basis <br />of the progress of the Work measured by the schedule of values established in paragraph 2.9 of the General <br />Conditions (and in the case of Unit Price Work based on the number of units completed) or, in the event <br />there is no schedule of values, as provided in the General Requirements. <br /> <br />5.1.1 Prior to Substantial Completion, progress payments will be made in an amount equal to the <br />percentage indicated below, but, in each case, less the aggregate of payments previously made and less <br />such amounts as ENGINEER shall determine, or OWNER may withhold, in accordance with paragraph <br />14.7 of the General Conditions. <br /> <br />Ten Percent (10%) of Work Completed. <br /> <br />Ten percent (10%) of materials and equipment not incorporated in the Work (but delivered, suitably stored <br />and accompanied by documentation satisfactory to OWNER as provided in paragraph 14.2 of the General <br />Conditions). <br /> <br />5.1.2 Upon Substantial Completion, in an amount sufficient to increase total payments to CONTRACTOR <br />to ninety-five percent (95%) of the Contract Price, less such amounts as ENGINEER shall determine, or <br />OWNER may withhold, in accordance with paragraph 14.7 of the General Conditions. <br /> <br />5.2 Final Payment. Upon fmal completion and acceptance of the Work in accordance with paragraph <br />14.\3 of General Conditions, OWNER shall pay the remainder of the Contract Price as recommended by <br />ENGINEER as provided in said paragraph 14.13. <br /> <br />5.3 If the total amount of bid is less than $100,000, Contractor shall have the option of whether or not to <br />provide performance and payment bonds. <br /> <br />Ifbonds are not provided, then payment will be made only at the successful conclusion of the <br />project. NO PARTIAL PAYMENTS WILL BE MADE. <br /> <br />If bonds are provided, partial payments will be made not more frequently than once per month <br />based on the progress of the work. <br /> <br />Article 6. INTEREST <br /> <br />No interest will be paid to the CONTRACTOR on retained money unless required by law. <br /> <br />19 <br />