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ARTICLE 3. CONTRACT PRICE <br />3.1 The OWNER shall pay in current funds, and the CONTRACTOR agrees to accept in full <br />payment for performance of the Work, subject to additions and deductions from extra and /or <br />omitted work and determinations of actual quantities as provided in the Contract Documents, <br />the Contract Price of $39.60 for crusher fines (per ton), material and labor as set forth in the <br />Bid Form of the CONTRACTOR dated September 23 2010. The contract will be <br />awarded for a total project cost of $18,414.00 <br />As provided in paragraph 11.9 of the General Conditions estimated quantities are not <br />guaranteed, and determinations of actual quantities and classification are to be made by <br />OWNER'S REPRESENTATIVE as provided in paragraph 9.10 of the General Conditions. <br />Unit prices have been computed as provided in paragraph 11.9 of the General Conditions. <br />ARTICLE 4. PAYMENT PROCEDURES <br />CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the General <br />Conditions. Applications for Payment will be processed by OWNER as provided in the General <br />Conditions. <br />4.1 PROGRESS PAYMENTS. OWNER shall make progress payments on the basis of <br />CONTRACTOR's Applications for Payment as recommended by OWNER'S <br />REPRESENTATIVE, on or about the third Wednesday of each month during construction as <br />provided below. All progress payments will be on the basis of the progress of the Unit Price <br />Work based on the number of units completed as provided in the General Conditions. <br />4.1.1.1 Prior to Substantial Completion, progress payments will be made in the amount equal to <br />90 percent of the completed Work, and /or 90 percent of materials and equipment not <br />incorporated in the Work (but delivered, suitably stored and accompanied by <br />documentation satisfactory to OWNER as provided in 14.2 of the General Conditions), <br />but in each case, less the aggregate of payments previously made and such less <br />amounts as OWNER'S REPRESENTATIVE shall determine, or OWNER may withhold, <br />in accordance with paragraph 14.7 of the General Conditions. <br />If Work has been 50 percent completed as determined by OWNER'S <br />REPRESENTATIVE, and if the character and progress of the Work have been <br />satisfactory to OWNER, OWNER may determine that as long as the character and <br />progress of the Work remain satisfactory to them and no claims have been made by <br />Subcontractors or material suppliers for unpaid work or materials, there will be no <br />additional retainage on account of Work completed in which case the remaining <br />progress payments prior to Substantial Completion may be in an amount equal to 100 <br />percent of the Work completed. <br />Nothing contained in this provision shall preclude the OWNER and CONTRACTOR from <br />making other arrangements consistent with C.R.S. 24 -91 -105 prior to contract award. <br />4.2 FINAL PAYMENT. Upon final completion and acceptance of the Work in accordance with <br />paragraph 14.13 of the General Conditions, OWNER shall pay the remainder of the Contract <br />Price as provided in said paragraph 14.13 of the General Conditions. <br />ARTICLE 5. CONTRACTOR'S REPRESENTATIONS <br />2010 Soft Surface Trail Resurfacing <br />31 <br />31 <br />