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2. full or partial releases of liens, including releases from subcontractors providing <br />materials or delivery services relating to the Work, in a form acceptable to the OWNER <br />releasing all liens or claims relating to goods and services provided up to the date of the <br />most recent previous progress payment; <br />3. an updated and current schedule clearly detailing the project's critical path elements in <br />accordance with SCA 1 CONSTRUCTION SCHEDULE; and <br />4. any other documents required under the Contract Documents. <br />The fact that the OWNER makes a progress payment shall not be deemed to be an admission <br />by the OWNER concerning the quantity, quality or sufficiency of the CONTRACTOR's work. <br />Progress payments shall not be deemed to be acceptance of the Work nor shall a progress <br />payment release the CONTRACTOR from any of its responsibilities under the Contract <br />Documents. <br />After determining the amount of a progress payment to be made to the CONTRACTOR, the <br />OWNER shall withhold a percentage of the progress payment as retainage. The amount of <br />retainage withheld from each progress payment shall be set depending upon the value of the <br />Contract Work on the effective date of the Contract: <br />Contract Amount Retsina a Percents e <br />Up to $25,000 15% <br />$25,000 to $400,000 10% <br />Over $400,000 5% <br />Retainage shall be withheld and may be paid to: <br />a. ensure proper completion of the Work. The OWNER may use retained funds to pay <br />replacement or substitute CONTRACTORS to complete unfinished or defective work; <br />b. ensure timely completion of the Work. The OWNER may use retained funds to pay <br />liquidated damages; and <br />c. provide an additional source of funds to pay claims for which the OWNER is entitled to <br />indemnification from CONTRACTOR under the Contract Documents. <br />Retained funds shall be held by the OWNER in accounts that shall not bear interest. Retainage <br />not otherwise withheld in accordance with the Contract Documents shall be returned to the <br />CONTRACTOR as part of the final payment. <br />I. Withholding Payments to CONTRACTOR <br />0 <br />