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" . ..- ... - ..-.... --- --..,~ - .-- ARTICLE 6 - PAYMENT PROCEDURES 6.01 Submittal DIId Processing of Payments A. CONTRAcroR. shall submit App1icatious for Payment in acconIance with Article 14 of the Oeueral CODditioas. ApplicatioDS for Payment will be processed by ENGINEER as provided in the General ConditioDS. 6.02 Progress Payments; RelaiMge A. OWNER shall make progress payments on account of the Contract Price on the basis of CONTRACTOR's ApplicatioDS for Payment on or about the day of each month during performance of the Work as provided in paragraphs 6.02.A.l and 6.02.A.2 below. All such payments will be measured by the schedule of values establislied in paragraph 2.07.A of the General ConditiODS (and in the case of Unit Price Work based on the number of units completed) or, in the event there is DO schedule of values, as provided in the General Requirements: 1. Prior to Substantial Completion, progress payments wUl be made in an IIDOlDlt equal to the percentage in,m.;.afed below but, in each case, less the aggregate of payments previously made and less such amounts as ENGINEER may determine or OWNER may witbhold, in accordance with paragraph 14.02 of the General CODditious: a. _" of Work completed (with the balance being retaiDage). If the Work bas been. SO" completed as detel1lliDcd by ENGINEER, and if the c:haracter and progress of the Work have been satisfactory to OWNER. and ENGINEER, OWNER, on recommeudation of ENGINBBR, may determine that as long as the cbaracter and progress of the Work remain satisfactory to them. there will be no retaiDage on lICCOUDl of Work subsequently completed, in which case the remaining progress payments prior to Substantial Completion wm be in an amount equal to 100" of the Work completed less_ the aggregate of payments previously made; and b. retaiDage). _" of cost of materials and equipment not incorpo~ ,in the Work:(with the,balance beiDg , ' .' I .':'~ .". . ..... .. 2. Upon Sub!ltantial Co~letion, OWNER shall pay an iinounf:sUfficicnt to in.ctease. teStaI payiDei1ts to CONTRACTOR. to _ % of the Work completed, lesSt:SUc;h~iiJi0Unt8''a.s:ENGINBBR'shalI,>cIetermine in a'cCordara:e : ,', with paragraph 14.02.B.S of the General ConditioDS and less _" of ENGiNEER's estimate of the value of Work to be completed or corrected as shown on the tentative list of items to be completed or corrected attached to !be certif'ICate of Substantial Completion. 6.03 Final Payment .."-- . A. Upon final completion and acceptance of the Work in accordanc:e with paragraph 14.07 of the General CoDditiOOl, OWNER shaI1 pay the remainder of the Contract Price as recomJllf!llded by ENGINEER as provided in said paragraph 14.07. ARTICLE 7 -INTEREST 7.01 All moaeys not paid when due as provided in Article 14 of the General COnditiODS shall bear interest at the rate of _" per 1DDUIIl.