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6 . 02 Progress Payments; Retainage <br /> A. OWNER shall make progress payments on account of the Contract Price on the basis of <br /> CONTRACTOR's Applications for Payment on or about the25`h day of each month during <br /> performance of the Work as provided in paragraphs 6 . 02 . A. 1 and 6 . 02 .A. 2 below. All such <br /> payments will be measured by the schedule of values established in paragraph 2 . 07 . A of the <br /> General Conditions (and in the case of Unit Price Work based on the number of units <br /> completed ) or, in the event there is no schedule of values , as provided in the <br />General <br /> Requirements : <br /> 1 . Prior to Substantial Completion , progress payments will be made in an amount equal <br /> to the percentage indicated below but , in each case , less the aggregate of payments <br /> previously made and less such amounts as ENGINEER may determine or OWNER may <br /> withhold , in accordance with paragraph 14 . 02 of the General Conditions : <br /> a . 90 % of Work completed (with the balance being retainage) ; and <br /> b . 90 % of cost of materials and equipment not incorporated in the Work (with the <br /> balance being retainage) but delivered , suitably and securely stored and accompanied by <br /> documentation satisfactory to ENGINEER as provided in Paragraph 14 . 02 of the General <br /> Conditions . <br /> 2 . Upon Substantial Completion , OWNER shall pay an amount sufficient to increase total <br /> payments to CONTRACTOR to 95 % of the Work completed , less such amounts as <br /> ENGINEER shall determine in accordance with paragraph 14 . 02 . 13 . 5 of the General <br /> Conditions and less 100 % of ENGINEER's estimate of the value of Work to be completed or <br /> . corrected as shown on the tentative list of items to be completed or corrected attached to the <br /> certificate of Substantial Completion . <br /> 6 . 03 Final Payment <br /> A. Upon final completion and acceptance of the Work in accordance with paragraph 14 . 07 of <br /> the General Conditions , OWNER shall pay the remainder of the Contract Price as <br /> recommended by ENGINEER as provided in said paragraph 14 . 07 . <br /> ARTICLE 7 = INTEREST <br /> 7 . 01 All moneys not paid when due as provided in Article 14 of the General Conditions shall <br /> bear interest at the rate of zero 0 % per annum . <br /> ARTICLE 8 = CONTRACTOR'S REPRESENTATIONS <br /> 8 . 01 In order to induce OWNER to enter into this Agreement CONTRACTOR makes the <br /> following representations : <br /> A. CONTRACTOR has examined and carefully studied the Contract Documents and the <br /> other related data identified in the Bidding Documents . <br /> • B . CONTRACTOR has visited the Site and become familiar with and is satisfied as to the <br /> general , local , and Site conditions that may affect cost, progress , and performance of the <br /> Work . <br /> IRC OPERATIONS COMPLEX 00520 - Agreement <br /> 00520 - 3 <br />