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after the time specified in Paragraph 4.02 for Work to be completed and ready for final payment (as duly <br />adjusted pursuant to the Contract), until the Work is completed and ready for final payment. <br />ARTICLE 5 — CONTRACT PRICE <br />5.01 Owner shall pay Contractor for completion of the Work in accordance with the Contract Documents the amounts <br />that follow, subject to adjustment under the Contract: <br />A. For all Unit Price Work, an amount equal to the sum of the extended prices (established for each separately <br />identified item of Unit Price Work by multiplying the unit price times the actual quantity of that item). <br />B. The extended prices for Unit Price Work set forth as the Effective Date of the Contract are based on estimated <br />quantities. As provided in Paragraph 13.03 of the General Conditions, estimated quantities are not guaranteed, <br />and determinations of the actual quantities and classifications are to made by Engineer. <br />Contractor's Bid is attached hereto as an exhibit. <br />ARTICLE 6 — PAYMENT PROCEDURES <br />6.01 Submittal and Processing of Payments <br />A. Contractor shall submit Applications for Payment in accordance with Article 15 of the General Conditions. <br />Applications for Payment will indicate the amount of Contractor's fee then payable. Applications for Payment <br />will be processed by Engineer as provided in the General Conditions. <br />6.02 Progress Payments, Retainage <br />A. Owner shall make progress payments on account of the Contract Price on the basis of Contractor's Applications <br />for Payment as recommended by Engineer on or about the third Monday of each month during construction <br />as provided in Paragraphs 6.02.A.1 and 6.02.A.2 below, provided that such Applications for Payment have been <br />submitted in a timely manner and otherwise meet the requirements of the Contract. All such payments will be <br />measured by the Schedule of Values established as provided in the General Conditions (and in the case of Unit <br />Price Work based on the number of units completed) or, in the event there is no Schedule of Values, as provided <br />elsewhere in the Contract. <br />1. For Cost of the Work: Progress payments on account of the Cost of the Work will be made: <br />Prior to Substantial Completion, progress payments will be made in an amount equal to the <br />percentage indicated below but, in each case, less the aggregate of payments previously made and <br />less such amounts as Owner may withhold, including but not limited to liquidated damages, in <br />accordance with the Contract: <br />1) 95 percent Cost of Work completed (with the balance being retainage). If the Work has been <br />50 percent completed as determined by Engineer, and if the character and progress of the <br />Work have been satisfactory to Owner and Engineer, then as long as the character and progress <br />of the Work remain satisfactory to Owner and Engineer, there will be no additional retainage; <br />and <br />2) 75 percent of cost of materials and equipment not incorporated in the Work (with the balance <br />being retainage). <br />Standard Form of Agreement <br />00 52 00-3 <br />