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Article 5. CONTRACT PRICE <br />5.01 OWNER shall pay CONTRACTOR for completion of the Work in accordance <br />with the Contract Documents an amount in current funds equal to the total lump <br />sum price for all Work Contract Items. The amount for each separately identified <br />unit price Work Contract Item is equal to the product of the established unit price <br />for that item and the estimated quantity of that item as indicated in the following <br />list of Work Contract Items. The final quantities and Contract Price will be <br />determined in accordance with paragraph 11.03 of the General Conditions. <br />Article 6. PAYMENT PROCEDURES <br />6.01 Submittal and Processin of f Payments <br />A. CONTRACTOR shall submit Applications for Payment in accordance with Article <br />14 of the General Conditions. Applications for Payment will be processed by <br />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 <br />basis of CONTRACTOR's Applications for Payment, on or about the thirtieth day <br />of each month during performance of the Work as provided in paragraphs 6.02.A.1 <br />and 6.02.A.2. below. All such payments will be measured by the schedule of <br />values established in paragraph 2.07.A of the General Conditions (and in the case <br />of Unit Price Work based on the number of units completed) or, in the event there <br />is no schedule of values, as provided in the General Requirements: <br />Prior to Substantial Completion, progress payments will be made in an <br />amount equal to the percentage indicated below, but in each case, lessthe <br />aggregate of payments previously made and less such amounts as <br />ENGINEER may determine, or OWNER may withhold, in accordance with <br />paragraph 14.02 of the General Conditions. <br />a. Progress payments shall not exceed an amount equal to 90 percent of <br />Work completed (with the balance being retainage). If the Work is 50 <br />percent complete as determined by ENGINEER, and if the character <br />and progress of the Work have been satisfactory to OWNER and <br />ENGINEER, OWNER, on recommendation of ENGINEER, may <br />determine that as long as the character and progress of the Work <br />remain satisfactory to them, there will be no retainage on account of <br />Work subsequently completed, in which case the remaining progress <br />payments prior to Substantial Completion will be in an amount equal <br />to 100 percent of the Work completed less the aggregate of payments <br />previously made; and <br />SB W WTP Digester Gas Utilization Design <br />Project No. 116-050 R 00 52 00-3 <br />