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payments prior to Substantial Completion will be in an amount equal to 100 % of the work completed . 50% of materials and equipment not incorporated in the work ( but delivered , suitably stored and accompanied by documentation satisfactory to OWNER as provided in Paragraph 14 . 02 of the General Conditions ) . 5 . 1 . 2 Upon Substantial Completion in an amount sufficient to increase total payments to CONTRACTOR to 100 % of the Contract price , less such amounts as ENGINEER shall determine , or OWNER may withhold , in accordance with Paragraph 14 . 07 of the General Conditions . 5 . 2 Final payment . Upon final completion and acceptance of the work in accordance with Paragraph 14 . 07 of the General Conditions , OWNER shall pay the remainder of the Contract Price as recommended by ENGINEER as provided in said Paragraph 14 . 07 , ARTICLE 6 . INTEREST, Not Applicable . ARTICLE 7 . CONTRACTOR'S REPRESENTATIONS . In order to induce OWNER to enter into this Agreement , CONTRACTOR makes the following representations : 7 . 1 CONTRACTOR has familiarized itself with the nature and extent of the Contract Documents , work , site , locality, and all local conditions and laws and regulations that in any manner may affect cost , progress , performance or furnishing of the work . 7 . 2 CONTRACTOR has studied carefully all reports of explorations and tests of subsurface conditions and drawings of physical conditions which are identified in the Supplementary Conditions as provided in Paragraph 4 . 02 of the General Conditions , and accepts the determination set forth in Paragraph SC-4 . 02 of the Supplementary Conditions of the extent of the technical data contained in such reports and drawings upon which CONTRACTOR is entitled to rely. 7 . 3 CONTRACTOR has obtained and carefully studied (or assumes responsibility for obtaining and carefully studying ) all such examinations , investigations , explorations , tests , reports and studies ( in addition to or to supplement those referred to in Paragraph 7 . 2 above ) which pertain to the subsurface or physical conditions at or contiguous to the site or otherwise may affect the cost, progress , performance or furnishing of the work as CONTRACTOR considers necessary for the performance of furnishing of the work at the Contract Price , within the Contract Time and in accordance with the other terms and conditions of the Contract 00530-4 R\Urilities\UTILITY - ENGINEERING\Projects - Assessment Projects\KINGSLAKEWATER ASSESSMENT-1JCP#2297\eng\bid docs\00530 EJCDC - Agreement between Owner and Contractor.doc