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<br />Article 5. PAYMENT PROCEDURES
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<br />CONTRACTOR shall submit Applications for Payment in accordance with the General
<br />Conditions. Applications for Payment will be processed by ENGINEER, as provided in the
<br />General Conditions.
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<br />The OWNER shall retain 10% of the amount of each payment until final completion and
<br />acceptance of all work covered by the contract documents. When the work is substantially
<br />complete, the retained amount may be reduced to 5%, at the OWNER'S discretion.
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<br />Article 6. INTEREST
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<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
<br />will be paid unless required by law.
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<br />Article 7. CONTRACTOR'S REPRESENTATIONS
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<br />In order to induce OWNER to enter into this Agreement, CONTRACTOR makes the following
<br />representations:
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<br />CONTRACTOR has familiarized himself with the nature and extent of the Contract Documents,
<br />Work, site, locality, and all local conditions and Laws and Regulations that, in any manner, may
<br />affect cost, progress, performance or furnishing of the Work.
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<br />CONTRACTOR has obtained and carefully studied (or assumes responsibility for obtaining and
<br />carefully studying) all such examinations, investigations, explorations, tests, reports and studies
<br />in addition to, or supplement, those referred to above, which pertain to the subsurface or physical
<br />conditions at or contiguous to the site or otherwise may affect the cost, progress, performance or
<br />furnishing of the Work as CONTRACTOR considers necessary for the performance or
<br />furnishing of the Wark at the Contract Price, within the contract Time and in accordance with the
<br />other terms and conditions of the Contract Documents, and no additional examinations,
<br />investigations, explorations, tests, reports, studies or similar information or data are, or will be,
<br />required by CONTRACTOR for such purposes.
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<br />CONTRACTOR has reviewed and checked all information and data shown or indicated on the
<br />Contract Documents with respect to existing Underground Facilities at or contiguous to the site
<br />and assumes responsibility for the accurate location of all Underground Facilities, whether
<br />indicated in the Contract Documents, or not. No additional examinations investigations,
<br />explorations, tests, reports, studies or similar information or data in respect of said Underground
<br />Facilities are, or will be, required by CONTRACTOR in order to perform and furnish the Work
<br />at the Contract Price, within the Contract Time and in accordance with the other terms and
<br />conditions of the Contract Documents.
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<br />CONTRACTOR has correlated the results of all such observations, examinations, investigations,
<br />explorations, tests, reports an studies with the terms and conditions of the Contract Documents.
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