Construction Contract - LTCP WWTP Improvements Proj No. 121-071 – Bowen Engineering Corp.

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provided in Paragraphs 10.02.13.1 and 10.02.13.2 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 or, in the event there is no Schedule of Values, as provided elsewhere in the Contract. B. For Cost of the Work: Progress payments on account of the Cost of the Work will be made: 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 but not limited to liquidated damages, in accordance with the Contract. a. 95 percent of the value of the Work completed (with the balance being retainage). 1) If 50 percent or more of the Work has been completed, as determined by Engineer, and if the character and progress of the Work have been satisfactory to Owner and Engineer, then as long as the character and progress of the Work remain satisfactory to Owner and Engineer, there will be no additional retainage; and b. 50 percent of cost of materials and equipment not incorporated in the Work but are delivered, suitably stored, and accompanied by documentation satisfactory to owner (with the balance being retainage). 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 15.01.E of the General Conditions, and less 150 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. C. For Contractor's fee: Progress payments on account of the Contractor's fee will be made as follows: If Contractor's fee is a fixed fee, payments prior to Substantial Completion will be in an amount equal to 95 percent of such fee earned to the date of the approved Application for Payment (less in each case payments previously made on account of such fee) based on the progress of the Work measured by the Schedule of Values established as provided in the General Conditions (and in the case of Unit Price Work on the number of units completed), and upon Substantial Completion in an amount sufficient to increase total payments to Contractor on account of his fee to 100 percent of Contractor's fee. In the event there is no Schedule of Values the progress of the Work will be measured as provided elsewhere in the Contract. 10.03 Final Payment A. Upon final completion of the Work, Owner shall pay the remainder of the Contract Price in accordance with Paragraph 14.07 of the General Conditions. 10.04 Consent of Surety A. Owner will not make final payment, or return or release retainage at Substantial Completion or any other time, unless Contractor submits written consent of the surety to such payment, return, or release. EJCDC® C-525, Agreement between Owner and Contractor for Construction Contract (Cost -Plus -Fee). Copyright° 2018 National Society of Professional Engineers, American Council of Engineering Companies, and American Society of Civil Engineers. All rights reserved. Page 5 of 9