Laserfiche WebLink
Article 4. CONTRACT PRICE <br />CITY shall pay CONTRACTOR for completion of the Work in accordance with the Contract <br />Documents in current funds as follows: <br />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 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 />Article 6. INTEREST <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 />Article 7. CONTRACTOR'S REPRESENTATIONS <br />In order to induce CITY 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 CONTR.ACTOR 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 />