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<br />Article 4. CONTRACT PRICE <br /> <br />OWNER shall pay CONTRACTOR for completion of the work in accordance <br />with the contract Documents in current funds as follows: <br /> <br />At the lump sum price shown on the Bid Schedule. <br /> <br />Article 5. PAYMENT PROCEDURES <br /> <br />CONTRACTOR shall submit Applications for Payment in accordance with the <br />General Conditions. Applications for Payment will be processed by <br />ENGINEER, as provided in the General conditions. <br /> <br />The OWNER shall retain 10% of the amount of each payment until final <br />completion and acceptance of all work covered by the contract <br />documents. When the work is substantially complete, the retained <br />amount may be reduced to 5%, at the OWNER'S discretion. <br /> <br />Article 6. INTEREST <br /> <br />If the contract amount of this contract is less than $400,000, no <br />interest will be paid to the CONTRACTOR on retained money. When the <br />contract amount exceeds $400,000, no interest will be paid unless <br />required by law. <br /> <br />Article 7. CONTRACTOR'S REPRESENTATIONS <br /> <br />In order to induce OWNER to enter into this Agreement, CONTRACTOR makes <br />the following representations: <br /> <br />7.1 CONTRACTOR has familiarized himself with the nature and extent of <br />the contract Documents, Work, si te, locali ty , and all local <br />condi tions and Laws and Regulations that, in any manner, may <br />affect cost, progress, performance or furnishing of the Work. <br /> <br />7.2 CONTRACTOR has studied carefully all reports of explorations and <br />tests of subsurface conditions and drawings of physical <br />condi tions, if any, which are contained or identified in the <br />contract Documents, and accepts the determination set forth in the <br />contract Documents of the extent of the technical data contained <br />in such reports and drawings upon which CONTRACTOR is entitled to <br />rely. <br /> <br />7.3 CONTRACTOR has obtained and carefully studied (or assumes <br />responsibili ty for obtaining and carefully studying) all such <br />examinations, investigations, explorations, tests, reports and <br />studies in addition to, or to supplement, those referred to above, <br />which pertain to the subsurface or physical conditions at or <br />contiguous to the site, or otherwise may affect the cost, <br />progress, performance or furnishing of the Work as CONTRACTOR <br /> <br />20 <br />