|
<br />b. 90 percent of cost of materials and equipment not incorporated in the Work (with the balance being retainage).
<br />
<br />2. Upon Substantial Completion, Owner shall pay an amount sufficient to increase total payments to Contractor to 95
<br />percent of the Work completed, less such amounts as Engineer shall determine in accordance with Paragraph I4.02.B.5 of the
<br />General Conditions and less 100 percent of Engineer's estimate of the value of Work to be completed or corrected as shov-n on
<br />the tentative list of items to be completed or corrected anached to the certificate of Substantial Completion.
<br />
<br />6.03 Final Payment
<br />
<br />A. Upon ftnal completion and acceptance of the Work in accordance with Paragraph 14.07 of the General Conditions, Ov-ner
<br />shall pay the remainder of the Contract Price as recommended by Engineer as provided in said Paragraph 14.07.
<br />
<br />ARTICLE 7 - INTEREST
<br />
<br />7.01 All moneys not paid when due as provided in Article 14 of the General Conditions shall bear interest at the rate of !!
<br />percent per annum.
<br />
<br />ARTICLE 8 - CONTRACTOR'S REPRESENTATIONS
<br />
<br />8.0] In order to induce Owner to enter into this Agreement Contractor makes the following representations:
<br />
<br />A. Contractor has examined and carefully studied the Contract Documents and the other related data identified in the Bidding
<br />Documents.
<br />
<br />B. Contractor has visited the Site and become familiar with and is satisfted as to the general, local, and Site conditions that
<br />may affect cost, progress, and performance of the Work.
<br />
<br />C. Contractor is familiar with and is satisfied as to all federal, state, and local Laws and Regulations that may affect cost,
<br />progress, and performance of the Work.
<br />
<br />D. Contractor has carefully studied all: (I) reports of explorations and tests of subsurface conditions at or contiguous to the
<br />Site and all drawings of physical conditions in or relating to existing surface or subsurface structures at or contiguous to the Site
<br />(except Underground Facilities) wItich have been identifted in the Supplementary Conditions as provided in Paragraph 4.02 of the
<br />General Conditions and (2) reports and drawings of a Hazardous Environmental Condition, if any, at the Site which has been
<br />identified in the Snpplementary Conditions as provided in Paragraph 4.06 ofthe General Conditions.
<br />
<br />E. Contractor has obtained and carefully studied (or assumes responsibility for doing so) all additional or supplementary
<br />examinations, investigations, explorations, tests, studies, and data concerning conditions (surface, subsurface, and Underground
<br />Facilities) at or contiguous to the Site which may affect cos~ progress, or performance of the Work or which relate to any aspect of
<br />the means, methods, techniques, sequences, and procedures of construction to be employed by Contractor, including any specific
<br />means, methods, techniques, sequences, and procedures of construction expressly required by the Bidding Documents, and safety
<br />precautions and programs incident thereto.
<br />
<br />F. Contractor does not consider that any further examinations, investigations, explorations, tests, studies, or data are necessary
<br />for the performance of the Work at the Contract Price, within the Contract Times, and in accordance with the other terms and
<br />conditions of the Contract Documents.
<br />
<br />G. Contractor is aware of the general nature of work to be performed by Owner and others at the Site that relates to the Work
<br />as indicated in the Contract Documents.
<br />
<br />H. Contractor has correlated the information known to Contractor, information and observations obtained from visits to the
<br />Site, reports and drawings identifted in the Contract Documents, and all additional examinations, investigations, explorations, tests,
<br />studies, and data with the Contract Documents.
<br />
<br />1. Contractor has given Engineer written notice of all conflicts, errors, ambiguities, or discrepancies that Contractor has
<br />discovered in the Contract Documents, and the written resolution thereof by Engineer is acceptable to Contractor.
<br />
<br />EJCDC C.S20 Suggested Form of Agreement Between Owner and Contractor for Construction Contract (Stipulated Price)
<br />Copyright 8 2.002 Nlltimal Society of Professional Engineers for EJCDC. All rights reserved.
<br />00510-3
<br />
|