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~ At the unit prices shown on the Unit Price Bid Schedule included in the Contract <br />Documents. <br />Article 5. PAYMENT PROCEDURES <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. <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. <br />Article 6. INTEREST <br />If the contract amount of this contract is less than $400,000, no interest will be paid to the <br />CONTR.ACTOR on retained money. When the contract amount exceeds $400,000, no interest <br />will be paid unless required by law. <br />Article 7. CONTRACTOR'S REPRESENTATIONS <br />In order to induce OWNER to enter into this Agreement, CONTRACTOR makes the following <br />representations: <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, <br />in any manner, may affect cost, progress, performance or furnishing of the Work. <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 <br />in the Contract Documents, and accepts the determination set forth in the Contract <br />Documents of the extent of the technical data contained in such reports and drawings <br />upon which CONTRACTOR is entitled to rely. <br />7.3 CONTRACTOR has obtained and carefully studied (or assumes responsibility for <br />obtaining and carefully studying) all such examinations, investigations, explorations, <br />tests, reports and studies in addition to, or to supplement, those referred to above, which <br />pertain to the subsurface or physical conditions at or contiguous to the site, or otherwise <br />may affect the cost, progress, performance or furnishing of the Work as CONTRACTOR <br />considers necessary for the performance or furnishing of the Work at the Contract Price, <br />within the Contract Time and in accordance with the other terms and conditions of the <br />Contract Documents, and no additional examinations, investigations, explorations, tests, <br />reports, studies or similar information or data are, or will be, required by <br />CONTRACTOR for such purposes. <br />1 19 <br />