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ERI Consulting, Inc. <br /> <br /> changes shall be effected by written order which the Contractor shall carry <br /> out promptly. <br /> <br /> ARTICLE VII. CONTRACT PAYMENTS <br /> <br /> 7.1 CONTRACT PRICE BREAKDOWN: Upon execution of the Contract by the Owner and <br /> the Contractor, the Contractor shall submit to the Engineer/Project Manager <br /> for approval a breakdown of the Contract price, itemizing material and labor <br /> for the various classifications of the Work. The breakdown will be used as <br /> the basis for the progress payments of the Contract. <br /> <br /> 7.2 PROGRESS pAYMENTS: payment will be made to the Contractor upon monthly <br /> certificates as provided hereinafter for the Work performed, and materials <br /> in place or on the site, suitably stored and protected or on other sites <br /> agreed to by the Owner and the Contractor. <br /> <br /> 7.2.1 Once each calendar month, the Owner shall make a progress payment <br /> to the Contractor on the basis of a duly certified and approved <br /> estimate of the Work performed during the preceding calendar month <br /> under this Contract; but to insure the proper performance of this <br /> Contract, the Owner shall retain ten percent (10%) of the amount of <br /> each estimate until final completion and acceptance of all Work <br /> covered by this Contract: <br /> Provided that the Owner, at any time after fifty percent (50%) of <br /> the Work has been completed, finds that satisfactory progress is <br /> being made, may make any of the remaining progress payments in full; <br /> and ~furthe~ that, upon completion and acceptance of each <br /> separate building, public work, or other division of the Contract <br /> on which the price is stated separately in the Contract, <br /> payment may be made in full including retained percentages thereon <br /> less authorized deductions. After substantial Completion of the <br /> Work the Owner shall, upon application by the Contractor, and <br /> without terminating the Contract, make payment of the balance due <br /> for the portion of the Work fully completed and accepted. If the <br /> remaining balance for Work not fully completed or corrected is less <br /> than the retainage stipulated in the Contract Documents, and if <br /> bonds have been furnished as provided in Article III, such payment <br />-- shall be made under the terms and conditions governing final <br /> payment, and shall not constitute a waiver of claims. Final payment <br /> shall be made after completion of the Work by the Contractor in <br /> accordance with the Contract Documents. <br /> <br />-- ~/ss/o3 15 <br /> <br /> <br />