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Lift Station 5 Forcemain Replacement AGREEMENT City Project PW-0102 3 of 5 ARTICLE 5 – PAYMENT PROCEDURES 5.01 Progress Payments: Owner shall make progress payments on account of the Contract Price on the basis of Contractor’s Applications for Payment on or about the 10th day of each month during performance of the Work as provided in Paragraph 5.02 below, provided that such Applications for Payment have been submitted in a timely manner and otherwise meet the requirements of the Contract. All such payments will be measured by the Schedule of Values established as provided in the General Conditions (and in the case of Unit Price Work based on the number of units completed) or, in the event there is no Schedule of Values, as provided elsewhere in the Contract. 5.02 Retainage: Prior to Substantial Completion, progress payments will be made in an amount equal to the percentage indicated below but, in each case, less the aggregate of payments previously made and less such amounts as Owner may withhold, including b ut not limited to liquidated damages, in accordance with the Contract. A. Ninety five (95) percent of Work completed (with the balance being retainage). B. No payment shall be made for materials and equipment not incorporated into the Work. 5.03 Upon Substantial Completion, Owner shall pay an amount sufficient to increase total payments to Contractor to 100 percent of the Work completed, less such amounts set-off by Owner pursuant to Paragraph 15.01E of the General Conditions, and less 200 percent of Engineer’s estimate of the value of Work to be completed or corrected as shown on the punch list of items to be completed or corrected prior to final payment. 5.04 Final Payment: Upon final completion and acceptance of the Work in accordance with Paragraph 15.06 of the General Conditions, Owner shall pay the remainder of the Contract Prices as recommended by Engineer as provided in said Paragraph 15.06. ARTICLE 6 – CONTRACTOR’S REPRESENTATIONS 6.01 In order to induce the Owner to enter into this Contract, Contractor makes the following representations: A. Contractor has examined and carefully studied the Contract Documents, and any data and reference identified in the Contract Documents. B. Contractor has visited the Site, conducted a thorough, alert visual examination of the Site and adjacent areas, and become familiar with and is satisfied as to the general, local, and Site conditions that may affect cost, progress, and performance of the Work. C. Contractor is familiar with and is satisfied as to all laws and regulations that may affect cost, progress, and performance of the Work. D. Contractor has carefully studied all reports of explorations and tests of subsurface conditions at or adjacent to the Site and all drawings of physical conditions relating to existing surface or subsurface structures at the Site that have been identified in the Contract Documents, and reports relating to Hazardous Environmental Conditions, if any, at or adjacent to the Site that have been identified in the Contract Documents. E. Contractor has considered the information known to Contractor itself; information commonly known to contractors doing business in the locality of the Site; information and observations obtained from visits to the Site; the Contract Documents; and the site-related reports identified in the Contract Documents, with respect to the effect of such information, observation, and documents on (1) the cost, progress and performance of the Work; (2) the means, methods, techniques, sequences, and procedures of construction to be employed by the Contractor; and (3) Contractor’s safety precautions and programs. F. Based on the information and observations referred to in the preceding paragraph, Contractor agrees that no further examinations, investigations, explorations, tests, studies, or data are necessary for the performance of the Work at the Contract Price, within the Contract Times, and in accordance with the other terms and conditions of the Contract.