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<br />Article 4. CONTRACT PRICE <br /> <br />OWNER shall pay <br />accordance with <br />follows: <br /> <br />CONTRACTOR for completion <br />the Contract Documents in <br /> <br />of the <br />current <br /> <br />work <br />funds <br /> <br />in <br />as <br /> <br />At the unit prices shown on the Unit Price Bid Schedule <br />included in the Contract Documents. <br /> <br />Article 5. PAYMENT PROCEDURES <br /> <br />CONTRACTOR shall submit Applications for Payment in accordance <br />with the General Conditions. Applications for Payment will be <br />processed by ENGINEER, as provided in the General Conditions. <br /> <br />The OWNER shall retain 10% of the amount of each payment until <br />final completion and acceptance of all work covered by the <br />contract documents. When the work is substantially complete, the <br />retained 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 <br />the contract amount exceeds $400,000, no interest will be paid <br />unless required by law. <br /> <br />Article 7. CONTRACTOR'S REPRESENTATIONS <br /> <br />In order to induce Ow~ER to enter into this Agreement, <br />CONTRACTOR makes the following representations: <br /> <br />7.1 CONTRACTOR has familiarized himself with the nature and <br />extent of the Contract Documents, Work, site, locality, and all <br />local conditions and Laws and Regulations that, in any <br />manner, may affect cost, progress, performance or furnishing <br />of the Work. <br /> <br />7.2 CONTRACTOR has studied carefully all reports of explorations <br />and tests of subsurface conditions and drawings of physical <br />conditions, if any, which are contained or identified in the <br />Contract Documents, and accepts the determination set forth <br />in the Contract Documents of the extent of the technical data <br />contained in such reports and drawings upon which <br />CONTRACTOR is entitled. to rely. <br /> <br />7 . 3 CONTRACTOR has obtained and carefully studied (or asswnes <br />responsibility for obtaining and carefully studying) all such <br />examinations, investigations, explorations, tests, reports a:ld <br />studies in addition to, or to supplement, those referred to <br /> <br />23 <br />