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a. Ninety-five percent (95%) of Work completed (with the balance being retainage) <br />b. Ninety-five percent (95%) of cost of materials and equipment not incorporated in the Work (with the <br />balance being retainage). <br />2. Upon Substantial Completion, Owner shall pay an amount sufficient to increase total payments to Contractor <br />to 95 percent of the Work completed, less such amounts as Engineer shall determine in accordance with <br />Paragraph 14.02.B.5 of the General Conditions and less 100 percent of Engineer's estimate of the value of <br />Work to be accepted or corrected as shown on the tentative list of items to be completed or corrected attached <br />to the 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 the General Conditions, <br />Owner shall pay the remainder of the Contract Price as recommended by Engineer as provided in said Paragraph <br />14.07. <br />ARTICLE 7 — INTEREST <br />7.01 Not used. <br />ARTICLE 8 — CONTRACTOR'S REPRESENTATIONS <br />8.01 In order to induce Owner to enter into this Agreement Contractor makes the following representations: <br />A. Contractor has examined and carefully studied the Contract Documents and the other related data identified in the <br />Bidding Documents. <br />B. Contractor has visited the Site and become familiar with and is satisfied as to the general, local, and Site conditions <br />that may affect cost, progress, and performance of the Work. <br />C. Contractor is familiar with and is satisfied as to all federal, state, and local Laws and Regulations that may affect <br />cost, progress, and performance of the Work. <br />D. Contractor has carefully studied all: (1) reports of explorations and tests of subsurface conditions at or contiguous <br />to the Site and all drawings of physical conditions in or relating to existing surface or subsurface structures at or <br />contiguous to the Site (except Underground Facilities) which have been identified in the Supplementary <br />Conditions as provided in Paragraph 4.02 of the General Conditions and (2) reports and drawings of a Hazardous <br />Environmental Condition, if any, at the Site which has been identified in the Supplementary Conditions as <br />provided in Paragraph 4.06 of the General Conditions. <br />E. Contractor has obtained and carefully studied (or assumes responsibility for doing so) all additional or <br />supplementary examinations, investigations, explorations, tests, studies, and data concerning conditions (surface, <br />subsurface, and Underground Facilities) at or contiguous to the Site which may affect cost, progress, or <br />performance of the Work or which relate to any aspect of the means, methods, techniques, sequences, and <br />procedures of construction to be employed by Contractor, including any specific means, methods, techniques, <br />sequences, and procedures of construction expressly required by the Bidding Documents, and safety precautions <br />and programs incident thereto. <br />F. Contractor does not consider that any further examinations, investigations, explorations, tests, studies, or data are <br />necessary for the performance of the Work at the Contract Price, within the Contract Times, and in accordance <br />with the other terms and conditions of the Contract Documents. <br />G. Contractor is aware of the general nature of work to be performed by Owner and others at the Site that relates to <br />the Work as indicated in the Contract Documents. <br />Standard Form of Agreement <br />00 52 00-3 <br />