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