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Article 5. PAYMENT PROCEDURES <br />CONTRACTOR shall submit Applications for Payment in accordance with the General Conditions. <br />Applications for Payment will be processed by ARCHITECT, as provided in the General Conditions. <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 />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 will <br />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 th 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, in <br />any manner, may affect cost, progress, performance or furnishing of the Work. <br />7.2 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 supplement, those referred to above, which pertain to the subsurface <br />or physical conditions at or contiguous to the site or otherwise may affect the cost, progress, <br />performance or furnishing of the Work as CONTRACTOR considers necessary for the <br />performance or furnishing of the Work at the Contract Price, within the contract Time and <br />in accordance with the other terms and conditions of the Contract Documents, and no <br />additional examinations, investigations, explorations, tests, reports, studies or similar <br />information or data are, or will be, required by CONTRACTOR for such purposes. <br />7.3 CONTRACTOR has reviewed and checked all information and data shown or indicated on <br />the Contract Documents with respect to existing Underground Facilities at or contiguous to <br />the site and assumes responsibility for the accurate location of all Underground Facilities, <br />whether indicated in the Contract Documents, or not. No additional examinations <br />investigations, explorations, tests, reports, studies or similar information or data in respect of <br />said Underground Facilities are, or will be, required by CONTRACTOR in order to perform <br />and furnish the Work at the Contract Price, within the Contract Time and in accordance with <br />the other terms and conditions of the Contract Documents. <br />7.4 CONTRACTOR has correlated the results of all such observations, examinations, <br />17 <br />