Common use of Progress Payments; Retainage Clause in Contracts

Progress Payments; Retainage. OWNER shall make progress payments on account of the Contract Price on the basis of DESIGN/BUILDER's Applications for Payment, as provided in this Section 4.01.B. Progress payments shall be due and payable in accordance with 13.04 of the General Conditions. All such payments will be measured by the acceptable Schedule of Values established under paragraph 2.03.A of the General Conditions. 1. Prior to Substantial Completion, such 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 in accordance with paragraph 13.04.B of the General Conditions. a. Ninety-five percent (95%) of Work completed (with the balance being retainage). b. Ninety-five percent (95%) (with the balance being retainage) of the cost of materials and equipment not incorporated in the Work (but delivered, suitably stored and accompanied by documentation satisfactory to OWNER as provided in paragraph 13.02.A of the General Conditions). 2. Upon Successful completion of the Performance Test or * days after Substantial Completion, whichever comes first, payment will be made in an amount sufficient to increase total payments to DESIGN/BUILDER to One Hundred percent (100%) of the Contract Price, less (i) such amounts as OWNER may withhold in accordance with paragraph 13.04.B of the General Conditions, (ii) amounts mutually agreed by the parties for completion of Punch List Items, and (iii) *. Amounts withheld for Punch List Items shall be paid by OWNER to DESIGN/BUILDER as such Work is completed. * OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 3. Upon successful completion of the seven-day performance test described in Exhibit A, OWNER shall pay DESIGN/BUILDER the *. * OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

Progress Payments; Retainage. OWNER shall make progress payments on account of the Contract Price on the basis of DESIGN/BUILDER's ’s Applications for Payment, as provided in this Section 4.01.B. Progress payments shall be due and payable in accordance with 13.04 of the General Conditions. All such payments will be measured by the acceptable Schedule of Values established under paragraph 2.03.A of the General Conditions. 1. Prior to Substantial Completion, such 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 in accordance with paragraph 13.04.B of the General Conditions. a. Ninety-five percent (95%) of Work completed (with the balance being retainage). b. Ninety-five percent (95%) (with the balance being retainage) of the cost of materials and equipment not incorporated in the Work (but delivered, suitably stored and accompanied by documentation satisfactory to OWNER as provided in paragraph 13.02.A of the General Conditions). 2. Upon Successful completion of the Performance Test or * days after Substantial Completion, whichever comes first, payment will be made in an amount sufficient to increase total payments to DESIGN/BUILDER to One Hundred percent (100%) of the Contract Price, less (i) such amounts as OWNER may withhold in accordance with paragraph 13.04.B of the General Conditions, (ii) amounts mutually agreed by the parties for completion of Punch List Items, and (iii) [*]. Amounts withheld for Punch List Items shall be paid by OWNER to DESIGN/BUILDER as such Work is completed. * OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 3. Upon successful completion of the seven-day performance test described in Exhibit A, OWNER shall pay DESIGN/BUILDER the [*. * OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION] retained pursuant to Section 4.01.B.2.(iii) above.

Progress Payments; Retainage. OWNER A. Owner shall make progress payments on account of the Contract Price on the basis of DESIGN/BUILDER's Contractor’s Applications for Payment, Payment as recommended by Engineer as provided in this Section 4.01.B. Progress payments shall be due paragraphs 6.02.A.1 and payable in accordance with 13.04 of the General Conditions6.02.A.2 below. All such payments will be measured by the acceptable Schedule schedule of Values values established under in paragraph 2.03.A 2.07.A of the General ConditionsConditions (and in the case of Unit Price Work based on the number of units completed) or, in the event there is no schedule of values, as provided in the General Requirements. 1. Prior to Substantial Completion, such progress payments will be made in an amount equal to the percentage indicated below, below but, in each case, less the aggregate of payments previously made and less such amounts as OWNER Engineer may withhold determine or Owner may withhold, in accordance with paragraph 13.04.B 14.02 of the General Conditions. a. Ninety-five percent (95%) To 50% of work completed, as determined by Engineer and recommended to Owner, payment by Owner will be in an amount equal to 90% of Work completed (with and 90% of materials and equipment not incorporated in the balance being retainage)Work but delivered, suitably stored and accompanied by documentation satisfactory to Owner as provided in paragraph 14.02 of the General Conditions. b. Ninety-five percent (95%) (with When the balance being retainage) Work is 50% completed as determined by Engineer, one half of the cost amount retained by the Owner shall be returned to the Contractor; provided that the Engineer approves the application for such payment and, provided further, the Contractor is making satisfactory progress and there is no specific cause for greater withholding. The sum or sums withheld by the Owner from the Contractor after the Work is 50% completed shall be equal to 5% of the Work completed and 5% of the materials and equipment not incorporated in the Work (but delivered, suitably stored and accompanied by documentation satisfactory to OWNER Owner as provided in paragraph 13.02.A 14.02 of the General Conditions), based on the Contractor’s Application for Payment. In the event a dispute arises between Owner and any prime Contractor on the project to which the Agreement relates, which dispute is based upon increased costs claimed by one prime Contractor occasioned by delays or other actions by another prime Contractor, additional retainage in the sum of one and one-half times the amount of any possible liability may be withheld from the Contractor until such time as a final solution is agreed to by all parties directly or indirectly involved, unless the Contractor causing the additional claim furnishes a bond satisfactory to the Owner to indemnify such Owner against the claim. All such monies retained by the Owner may be withheld from the Contractor until Substantial Completion of the Work. 2. Upon Successful When the Contractor considers that the Work has been Substantially Completed, he shall submit a request for final inspection and an application for final payment. The Engineer shall make final inspection within thirty (30) days of receipt of the Contractor’s request for final inspection and an application for final payment. If the Engineer determines that the Work is substantially completed, the Engineer shall issue a certificate of completion and a final certificate for payment and Owner shall make payment in full within forty-five (45) days, except as provided below, less one and one-half (1½) times such amount as is required to complete any then remaining uncompleted minor items, which amount shall be certified by Engineer. The certificate given by the Engineer shall list in detail each and every uncompleted item and a reasonable cost for completion. Final payment of any amount withheld for the completion of the Performance Test or * days after Substantial Completion, whichever comes first, payment will be made in an amount sufficient to increase total payments to DESIGN/BUILDER to One Hundred percent (100%) of the Contract Price, less (i) such amounts as OWNER may withhold in accordance with paragraph 13.04.B of the General Conditions, (ii) amounts mutually agreed by the parties for completion of Punch List Items, and (iii) *. Amounts withheld for Punch List Items minor items shall be paid by OWNER to DESIGN/BUILDER as such Work is completed. * OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 3. Upon successful upon completion of the sevenitems in the certificate of the Engineer. In the event a dispute arises between the Owner and any prime Contractor on the project to which this Agreement relates, which dispute is based upon increased costs claimed by one prime Contractor occasioned by delays or other actions by another prime Contractor, additional retainage in the amount of one and one-day performance test described in Exhibit Ahalf (1½) times the amount of any possible liability may be withheld from the Contractor until such time as a final resolution is agreed to by all parties, OWNER shall pay DESIGN/BUILDER directly or indirectly involved, unless the *. * OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSIONContractor causing the additional claim furnishes a bond satisfactory to the Owner to indemnify the Owner against the claim.

Progress Payments; Retainage. OWNER shall make progress payments on account of the Contract Price on the basis of DESIGN/BUILDER's Applications for Payment, as provided in this Section 4.01.B. Progress payments shall be due and payable in accordance with 13.04 of the General Conditions. All such payments will be measured by the acceptable Schedule of Values established under paragraph 2.03.A of the General Conditions. 1. Prior to Substantial Completion, such 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 in accordance with paragraph 13.04.B of the General Conditions. a. Ninety-five percent (95%) of Work completed (with the balance being retainage). b. Ninety-five percent (95%) (with the balance being retainage) of the cost of materials and equipment not incorporated in the Work (but delivered, suitably stored and accompanied by documentation satisfactory to OWNER as provided in paragraph 13.02.A of the General Conditions). 2. Upon Successful completion of the Performance Test or * days after Substantial Completion, whichever comes first, payment will be made in an amount sufficient to increase total payments to DESIGN/BUILDER to One Hundred percent (100%) of the Contract Price, less (i) such amounts as OWNER may withhold in accordance with paragraph 13.04.B of the General Conditions, (ii) amounts mutually agreed by the parties for completion of Punch List Items, and (iii) *. * Amounts withheld for Punch List Items shall be paid by OWNER to DESIGN/BUILDER as such Work is completed. * *OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 3. Upon successful completion of the seven-day performance test described in Exhibit A, OWNER shall pay DESIGN/BUILDER the *. * *OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

Progress Payments; Retainage. OWNER A. Owner shall make progress payments on account of the Contract Price on the basis of DESIGN/BUILDER's Contractor’s Applications for Payment, Payment on or about the 30th day of each month during performance of the Work as provided in this Section 4.01.B. Progress payments shall be due and payable in accordance with 13.04 of the General ConditionsParagraphs 6.02.A.1 below. All such payments will be measured by the acceptable Schedule schedule of Values values established under paragraph 2.03.A in Paragraph 2.07.A of the General Conditions.Conditions (and in the case of Unit Price Work based on the number of units completed) or, in the event there is no schedule of values, as provided in the General Requirements: 1. Prior to Substantial Completion, such progress Progress payments will be made in an amount equal to the percentage indicated below, below but, in each case, less the aggregate of payments previously made and less such amounts as OWNER Engineer may withhold determine or Owner may withhold, in accordance with paragraph 13.04.B 14.02 of the General Conditions.: a. Ninety-five Ninety percent (9590%) of Work completed (with the balance being retainage). b. Ninety-five percent . If the Work (Contract Price as adjusted by Change Orders and incidental bid items) has been 50% 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, 95%) % of Work completed (with the balance being retainage); and b. Fifty percent (50%) of the cost of materials and equipment not incorporated in the Work (but with the balance being retainage). Such materials and equipment must be delivered, suitably stored and accompanied by documentation satisfactory to OWNER as provided in paragraph 13.02.A 14.02.A.1 of the General Conditions). 2. Upon Successful completion of c. When the Performance Test or * days after Substantial CompletionWork has been 98% completed (Contract Price as adjusted by Change Orders and incidental bid items) as determined by Engineer, whichever comes first, payment will be made in Owner shall pay an amount sufficient to increase total payments to DESIGN/BUILDER Contractor to One Hundred percent (100%) % of the Contract PriceWork completed, less (i) such amounts as OWNER may withhold Engineer shall determine in accordance with paragraph 13.04.B Paragraph 14.02.B.5 of the General Conditions, (ii) amounts mutually agreed by the parties for completion Conditions and less 150% of Punch List Items, and (iii) *. Amounts withheld for Punch List Items shall be paid by OWNER to DESIGN/BUILDER as such Work is completed. * OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 3. Upon successful completion Engineer's estimate of the seven-day performance test described in Exhibit A, OWNER shall pay DESIGN/BUILDER value of Work to be completed or corrected as shown on the *. * OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSIONtentative list of items to be completed or corrected as provided to Contractor.

Progress Payments; Retainage. A. OWNER shall make progress payments on account of the Contract Price on the basis of DESIGN/BUILDER's CONTRACTOR’s Applications for Payment, Payment on or about the 25th day of each month during performance of the Work as provided in this Section 4.01.B. Progress payments shall be due paragraphs 6.02.A.1 and payable in accordance with 13.04 of the General Conditions6.02.A.2 below. All such payments will be measured by the acceptable Schedule schedule of Values values established under in paragraph 2.03.A 2.07.A of the General Conditions.Conditions or, in the event there is no schedule of values, as provided in the General Requirements: 1. Prior to Substantial Completion, such progress payments will be made in an amount equal to the percentage indicated below, below but, in each case, less the aggregate of payments previously made and less such amounts as ENGINEER may determine or OWNER may withhold withhold, in accordance with paragraph 13.04.B 14.02 of the General Conditions.: a. Ninety-five percent (95%) _90% of Work completed (with the balance being retainage).. ; and b. Ninety-five percent (95%) (with the balance being retainage) _90% of the cost of materials and equipment not incorporated in the Work (but delivered, suitably stored and accompanied by documentation satisfactory to OWNER as provided in paragraph 13.02.A of with the General Conditionsbalance being retainage). 2. Upon Successful completion of the Performance Test or * days after Substantial Completion, whichever comes first, payment will be made in OWNER shall pay an amount sufficient to increase total payments to DESIGN/BUILDER CONTRACTOR to One Hundred percent (100%) 95% of the Contract PriceWork completed, less (i) such amounts as OWNER may withhold ENGINEER shall determine in accordance with paragraph 13.04.B Article 14 of the General Conditions, (ii) amounts mutually agreed by the parties for completion Conditions and less 100% of Punch List Items, and (iii) *. Amounts withheld for Punch List Items shall be paid by OWNER to DESIGN/BUILDER as such Work is completed. * OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 3. Upon successful completion ENGINEER’s estimate of the seven-day performance test described in Exhibit Avalue of Work to be completed or corrected as shown on the tentative list of items to be completed or corrected attached to the certificate of Substantial Completion. If, at Substantial Completion, the character and progress of the work has been satisfactory, the OWNER shall pay DESIGN/BUILDER may, at the *. * OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSIONOWNER’s sole discretion, reduce the amount of retainage being held.

Progress Payments; Retainage. OWNER shall make progress payments on account of the Contract Price on the basis of DESIGN/BUILDER's ’s Applications for Payment, as provided in this Section 4.01.B. Progress payments shall be due and payable in accordance with 13.04 of the General Conditions. All such payments will be measured by the acceptable Schedule of Values established under paragraph 2.03.A of the General Conditions. 1. Prior to Substantial Completion, such 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 in accordance with paragraph 13.04.B of the General Conditions. a. Ninety-five percent (95%) of Work completed (with the balance being retainage). b. Ninety-five percent (95%) (with the balance being retainage) of the cost of materials and equipment not incorporated in the Work (but delivered, suitably stored and accompanied by documentation satisfactory to OWNER as provided in paragraph 13.02.A of the General Conditions). 2. Upon Successful completion of the Performance Test or * days after Substantial Completion, whichever comes first, payment will be made in an amount sufficient to increase total payments to DESIGN/BUILDER to One Hundred percent (100%) of the Contract Price, less (i) such amounts as OWNER may withhold in accordance with paragraph 13.04.B of the General Conditions, (ii) amounts mutually agreed by the parties for completion of Punch List Items, and (iii) *Five Hundred Thousand Dollars ($500,000). Amounts withheld for Punch List Items shall be paid by OWNER to DESIGN/BUILDER as such Work is completed. * OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 3. Upon successful completion of the seven-day performance test described in Exhibit A, OWNER shall pay DESIGN/BUILDER the *. * OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSIONFive Hundred Thousand Dollars ($500,000) retained pursuant to Section 4.01.B.2.(iii) above.

Progress Payments; Retainage. OWNER shall make progress payments on account of the Contract Price on the basis of DESIGN/BUILDER's ’s Applications for Payment, as provided in this Section 4.01.B. Progress payments shall be due and payable in accordance with 13.04 of the General Conditions. All such payments will be measured by the acceptable Schedule of Values established under paragraph 2.03.A of the General Conditions.Conditions and attached thereto as Exhibit F. 1. Prior to Substantial Completion, such 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 in accordance with paragraph 13.04.B of the General Conditions. a. Ninety-five percent (95%) of Work completed (with the balance being retainage). b. Ninety-five percent (95%) (with the balance being retainage) of the cost of materials and equipment not incorporated in the Work (but delivered, suitably stored and accompanied by documentation satisfactory to OWNER as provided in paragraph 13.02.A of the General Conditions). 2. Upon Successful completion of the Performance Test or * days after Substantial Completion, whichever comes first, payment will be made in an amount sufficient to increase total payments to DESIGN/BUILDER to One Hundred percent (100%) of the Contract Price, less (i) such amounts as OWNER may withhold in accordance with paragraph 13.04.B of the General Conditions, (ii) amounts mutually agreed by the parties for completion of Punch List Items, and (iii) *Two Hundred Fifty Thousand Dollars ($250,000). Amounts withheld for Punch List Items shall be paid by OWNER to DESIGN/BUILDER as such Work is completed. * OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 3. Upon successful completion of the seven-day performance test described in Exhibit AG, OWNER shall pay DESIGN/BUILDER the *. * OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSIONTwo Hundred Fifty Thousand Dollars ($250,000) retained pursuant to Section 4.01.B.2.(iii) above.

Progress Payments; Retainage. OWNER shall make progress payments on account of the Contract Price on the basis of DESIGN/BUILDER's Applications for Payment, on or about the 1st day of each month during performance of the Work as provided in this Section 4.01.B. Progress payments shall be due paragraphs 5.01.A.1 and payable in accordance with 13.04 of the General ConditionsA.2 below. All such payments will be measured by the acceptable Schedule of Values established under in paragraph 2.03.A 2.06.A of the General Conditions. 1. Prior to Substantial Completion, such 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 in accordance with paragraph 13.04.B of the General Conditions. a. Ninety-five Ninety percent (9590%) of Work completed (with the balance being retainage). If the Work has been 50 percent completed as determined by OWNER there will be no additional retainage on account of Work completed, in which case the remaining progress payments prior to Substantial Completion will be in an amount equal to 100 percent of the Work completed. b. Ninety-five Ninety percent (9590%) (with the balance being retainage) of the cost of materials and equipment not incorporated in the Work (but delivered, suitably stored and accompanied by documentation satisfactory to OWNER as provided in paragraph 13.02.A of the General Conditions). 2. Upon Successful completion of the Performance Test or * days after Substantial Completion, whichever comes first, payment will be made in an amount sufficient to increase total payments to DESIGN/BUILDER to One Hundred ninety-seven percent (10097%) of the Contract PricePrice (with the balance being retainage), less (i) such amounts as OWNER may withhold in accordance with paragraph 13.04.B of the General Conditions, (ii) amounts mutually agreed by the parties for completion of Punch List Items, and (iii) *. Amounts withheld for Punch List Items shall be paid by OWNER to DESIGN/BUILDER as such Work is completed. * OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 3. Upon successful completion of the seven-day performance test described in Exhibit A, OWNER shall pay DESIGN/BUILDER the *. * OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

Progress Payments; Retainage. OWNER shall make progress payments on account of the Contract Price on the basis of DESIGN/BUILDER's ’s Applications for Payment, as provided in this Section 4.01.B. Sections 4.01.B.1 and B.2 below. Progress payments shall be due and payable in accordance with 13.04 of the General Conditions. All such payments will be measured by the acceptable Schedule of Values established under paragraph 2.03.A 2.06.A of the General Conditions. 1. Prior to Substantial Completion, such 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 in accordance with paragraph 13.04.B of the General Conditions. a. Ninety-five Ninety percent (9590%) of Work completed (with the balance being retainage). Once the Work has been fifty percent (50%) completed as determined by OWNER, there will be no additional retainage on account of Work completed. b. Ninety-five Ninety percent (9590%) (with the balance being retainage) of the cost of materials and equipment not incorporated in the Work (but delivered, suitably stored and accompanied by documentation satisfactory to OWNER as provided in paragraph 13.02.A of the General Conditions). Once the Work has been fifty percent (50%) completed as determined by OWNER, there will be no additional retainage on account of such costs and materials. 2. Upon Successful completion of the Performance Test or * days after Substantial Completion, whichever comes first, payment will be made in an amount sufficient to increase total payments to DESIGN/BUILDER to One Hundred percent (100%) of the Contract Price, less Five Hundred Thousand Dollars (i$500,000.00) and such amounts as OWNER may withhold in accordance with paragraph 13.04.B of the General Conditions, (ii) amounts mutually agreed by the parties for completion of Punch List Items, and (iii) *. Amounts withheld for Punch List Items shall be paid by OWNER to DESIGN/BUILDER as such Work is completed. * OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 3. Upon successful completion of the seven-day performance test described in Exhibit A, OWNER shall pay DESIGN/BUILDER the *. * OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

Progress Payments; Retainage. A. OWNER shall make progress payments on account of the Contract Price on the basis of DESIGN/BUILDER's CONTRACTOR’s Applications for Payment, Payment on or about the 20th day of each month during performance of the Work as provided in this Section 4.01.B. Progress payments shall be due paragraphs 6.02.A.1 and payable in accordance with 13.04 of the General Conditions6.02.A.2 below. All such payments will be measured by the acceptable Schedule schedule of Values values established under in paragraph 2.03.A 2.07.A of the General Conditions.Conditions (and in the case of Unit Price Work based on the number of units completed) or, in the event there is no schedule of values, as provided in the General Requirements: 1. Prior to Substantial Completion, such progress payments will be made in an amount equal to the percentage indicated below, below but, in each case, less the aggregate of payments previously made and less such amounts as ENGINEER may determine or OWNER may withhold withhold, in accordance with paragraph 13.04.B 14.02 of the General Conditions.: a. Ninety-five percent 95 % of Work completed (95%) with the balance being retainage). If the Work has been 50% completed as determined by ENGINEER, and if the character and progress of the Work have been satisfactory to OWNER and ENGINEER, OWNER, on recommendation of ENGINEER, may determine that as long as the character and progress of the Work remain satisfactory to them, progress payments may be made in an amount equal to 100% of the Work completed (with the balance being retainage). b. Ninety-five percent (95%) (with the balance being retainage) % % of the cost of materials and equipment not incorporated in the Work (but delivered, suitably stored and accompanied by documentation satisfactory to OWNER as provided in paragraph 13.02.A of with the General Conditionsbalance being retainage). B. The ENGINEER may refuse to approve the whole or any part of any payment if, in his opinion, he is unable to make such representations to the OWNER. He may also refuse to approve any such payment, or because of subsequently discovered evidence, or the results of subsequent inspection or tests, nullify any such payment previously approved, to such extent as may be necessary in his opinion to protect the OWNER from loss, because: 1. The work is defective, or completed work has been damaged, requiring correction or replacement; 2. Upon Successful completion of the Performance Test or * days after Substantial Completion, whichever comes first, The work for which payment will is requested cannot be made in an amount sufficient to increase total payments to DESIGN/BUILDER to One Hundred percent (100%) of the Contract Price, less (i) such amounts as OWNER may withhold in accordance with paragraph 13.04.B of the General Conditions, (ii) amounts mutually agreed by the parties for completion of Punch List Items, and (iii) *. Amounts withheld for Punch List Items shall be paid by OWNER to DESIGN/BUILDER as such Work is completed. * OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.verified; 3. Upon successful completion Claims or Liens have been filed, or there is reasonable evidence indicating the probable filling, thereof; 4. The contract price has been reduced because of modifications; 5. The OWNER has been required to correct defective work, or complete portions of the seven-day performance test described work. 6. Of unsatisfactory prosecution of the work, including failure to clean up as required in Exhibit A, OWNER shall pay DESIGN/BUILDER the *. * OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSIONspecifications.