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<br /> <br /> <br /> <br /> <br /> <br /> Article 4. CONTRACT PRICE <br /> <br /> CITY 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 <br /> Documents. <br /> <br /> Article 5. PAYMENT PROCEDURES <br /> <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 /> <br /> The CITY 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 <br /> retained amount may be reduced to 5%, at the CITY'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 <br /> will be paid unless required by law. <br /> <br /> Article 7. CONTRACTOR'S REPRESENTATIONS <br /> <br /> In order to induce CITY 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, <br /> in 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 <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 /> <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 /> <br /> <br /> <br /> - . 183 27 <br />