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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I, <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />5.1 Progress Payments; Retainage. OWNER shall make progress <br />payments on account of the Contract Price on the basis <br />of CONTRACTOR'S Applications for Payment as recommended <br />by ENGINEER, on or about the 1s~ day of each month <br />during construction as provided in paragraphs 5.1.1 and <br />5.1.2 below. All such payments will be measured by the <br />schedule of values established in paragraph 2.9 of the <br />General Conditions (and in the case of Unit Price Work <br />based on the number of units completed) or, in the event <br />there is no schedule of values, as provided in the <br />General Requirements. <br /> <br />5.1.1 prior to Substantial Completion, progress <br />payments will be made in an amount equal to the <br />percentage indicated below, but, in each case, <br />less the aggregate of payments previously made <br />and less such amounts as ENGINEER shall <br />determine, or OWNER may withhold, in accordance <br />with paragraph 14.7 of the General Conditions. <br /> <br />90% of Work completed. If Work has been 50% <br />completed as determined by ENGINEER, and if the <br />character and progress of the Work have been <br />satisfactory to OWNER and ENGINEER, OWNER on <br />recommendation of ENGINEER, may determine that as <br />long as the character and progress of the Work <br />remain satisfactory to them, there will be no <br />additional retainage on account of Work completed <br />in which case the remaining progress payments <br />prior to substantial Completion will be in an <br />amount equal to 100% of the Work completed. <br /> <br />90% (with the balance being retainage) of <br />materials and equipment not incorporated in the <br />Work (but delivered, suitably stored and <br />accompanied by documentation satisfactory to <br />OWNER as provided in paragraph 14.2 of the <br />General Conditions). <br /> <br />5.1.2 Upon Substantial Completion, in an amount <br />sufficient to increase total payments to <br />CONTRACTOR to 97.5% of the Contract Price (with <br />the balance being retainage), less such amounts <br />as ENGINEER shall determine, or OWNER may <br />withhold, in accordance with paragraph 14.7 of <br />the General conditions. <br /> <br />5.2 Final Payment. Upon final completion and acceptance of <br />the Work in accordance with paragraph 14.13 of the <br />General Conditions, OWNER shall pay the remainder of the <br />Contract Price as recommended by ENGINEER as provided in <br />said paragraph 14.13. <br /> <br />0400-3 <br />