Common use of Applications for Payment Clause in Contracts

Applications for Payment. (a) At least ten (10) days before the date established for each progress payment, the Prime Contractor shall submit to the Architect/Engineer an itemized Application for Payment for Work completed in accordance with the schedule of values. The Application shall be notarized, if required, and supported by data substantiating the Prime Contractor’s right to payment as the Owner or Architect/Engineer may require, including but not limited to copies of requisitions from Subcontractors and material suppliers, and reflecting the applicable retainage as required in the Contract Documents. Prime Contractor's Application for Payment shall also provide other supporting documentation as the Owner or the other applicable provisions of the Contract Documents may require. (b) Applications for Payment may not include requests for payment of amounts the Prime Contractor does not intend to pay to a Subcontractor because of a good faith dispute, unless the Prime Contractor complies with Clause 5.3(b) (2) of these General Conditions and the Prime Contractor’s Payment Bond Surety consents in writing to payment to the Prime Contractor of the funds deemed to be in dispute. (c) Unless otherwise provided in the Contract Documents, progress payments shall include payment for materials and equipment delivered and suitably stored at the Project site for subsequent incorporation into the Work within thirty (30) days after delivery to the Project site. If approved in advance by the Owner, payment may similarly be made for materials and equipment suitably stored away from the Project site at a location agreed upon in writing. Payment for costs incurred in storage of materials or equipment away from the Project site will NOT be made by Owner unless: (1) the Owner has given prior approval of such off-site storage in writing; (2) the materials or equipment are stored in a bonded warehouse located in Xxxxxx County and identified with the Project for which they are stored, as evidenced by warehouse receipts and appropriate documents of title; and (3) the materials or equipment stored off-site will be incorporated into the Work within thirty (30) days after delivery. STORAGE IN FACILITIES OF THE MANUFACTURER OR THE PRIME CONTRACTOR WILL NOT BE PERMITTED OR PAID FOR, UNLESS THE OWNER HAS EXPRESSLY GIVEN PRIOR APPROVAL OF SUCH STORAGE IN WRITING. (d) The Prime Contractor warrants that title to all Work covered by an Application for Payment will pass to the Owner no later than the time of payment. The Prime Contractor further warrants that upon submittal of an Application for Payment all Work for which Certificates for Payment have been previously issued and payments received from the Owner shall be free and clear of liens, claims, security interests or encumbrances in favor of the Prime Contractor, Subcontractors, material suppliers, or other persons or entities making a claim by reason of having provided labor, materials, and equipment relating to the Work. (e) All materials or equipment delivered to the Project site earlier than thirty (30) days prior to an approved schedule for delivery to the Project site shall be classified as an “early delivery.” All early delivery materials or equipment must have the express written permission of the Owner to be stored on the Project site. If any unauthorized early delivery occurs, Prime Contractor shall, at Prime Contractor’s expense or at the expense of the responsible Subcontractor or Supplier, cause such early delivery to be removed from the Project site and stored off-site until required at the Project site. All costs of labor, transportation and storage will be included as part of the expense. If the Prime Contractor fails or refuses to remove unauthorized early delivery materials, the Owner may cause such materials to be removed at the Prime Contractor's sole expense, and amounts may be withheld from the Prime Contractor's Application for Payment to reimburse the Owner for any costs incurred in removing unauthorized early delivery materials. OWNER WILL NOT BE RESPONSIBLE FOR THE PROTECTION OF OR RISK OF LOSS ON ANY EARLY DELIVERY MATERIALS OR EQUIPMENT, NOR WILL OWNER BE LIABLE FOR ANY PAYMENT FOR THE EARLY DELIVERY MATERIALS OR EQUIPMENT. Any materials or equipment classified as early delivery will not be approved for payment as stored materials prior to thirty (30) days before the incorporation of the materials or equipment into the Work, unless storage and payment at an earlier date is expressly approved in writing by the Owner. (f) If the Contract Sum is equal to or less than $25,000, and if performance and payment bonds are not furnished by the Contractor, then no payment applied for will be payable under the Contract until the Work has been finally completed and accepted.

Applications for Payment. (a) At least ten (10) days before the date established for each progress payment, the Prime Contractor shall submit to the Project Manager and Architect/Engineer an itemized Application Applications for Payment for properly performed completed Work completed in accordance with triplicate, using the schedule Form of valuesApplication and Certificate for Payment attached hereto and incorporated by reference herein as Exhibit 9. The Each Application shall be notarized, if requirednotarized to certify that the payment sought is properly due and payable, and supported by such data substantiating the Prime Contractor’s 's right to payment as the Owner or Architect/Engineer Project Manager may reasonably require, including but not limited to copies of requisitions from Subcontractors Subcontractors, sub-subcontractors and material suppliers, and reflecting shall reflect the applicable withholding of retainage as required in under Article 15.02, above. Applications for Payment shall include all evidence that the Contract DocumentsProject Manager shall deem necessary to support the amount requested to pay for the Work. Prime Contractor's Owner shall have the right, at its discretion, to periodically audit and require supporting documentation with expanded detail for Applications for Payment. (a) Applications for Payment shall show separate line items for all amounts due for the Work actually completed, including the completed Work of each Subcontractor or supplier, according to the Construction Schedule of Values, as adjusted for by approved Change Orders. The total amount of payment sought by an Application for Payment shall also provide other supporting documentation as be limited to payment for the Owner or the other applicable provisions of the Contract Documents may requireWork actually completed. (b) Applications for Payment may not include requests for payment on account of amounts changes in the Prime Work which have been properly authorized by Construction Change Directives, but not yet included in Change Orders. (c) Applications for Payment may not include requests to pay for portions of the Work of a Subcontractor or supplier for which the Contractor does not intend to pay to a such Subcontractor because or supplier. If the Work of a good faith disputesuch Subcontractor or supplier was performed by others in lieu of such Subcontractor or supplier, unless the Prime Contractor complies with Clause 5.3(b) (2) of these General Conditions and the Prime Contractor’s Payment Bond Surety consents in writing Contractor intends to payment to pay such others, this shall be clearly indicated on the Prime Contractor of the funds deemed to be in disputeApplication for Payment. (cd) Unless otherwise provided in the Contract Documents, progress payments shall include payment for Payments will be made on account of materials and equipment delivered and suitably stored at the Project site for subsequent incorporation into in the Work within thirty only if such materials and equipment have been properly identified to this Agreement (30) days after delivery to the Project site. If as provided below), and only if approved in advance in writing by the Owner, payment may similarly be made . Payment for materials and equipment suitably stored away from on or off the Project site at a location agreed shall be conditioned upon in writingcompliance by the Contractor with procedures satisfactory to the Owner to establish the Owner's title to such materials and equipment or otherwise protect the Owner's interest, and shall include the costs of applicable insurance and warehouse bonding, storage and transportation. Payment for costs incurred in storage Title to all such materials and equipment shall irrevocably pass to the Owner upon Owner’s tender of materials payment of the invoiced cost. No Work, material or equipment away from the Project site will NOT be made by Owner unless: (1) the Owner has given prior approval of such off-site storage in writing; (2) the materials or equipment are stored in a bonded warehouse located in Xxxxxx County and identified with the Project for which they are stored, as evidenced by warehouse receipts and appropriate documents of title; and (3) the materials or equipment stored off-site will be incorporated into the Work within thirty (30) days after delivery. STORAGE IN FACILITIES OF THE MANUFACTURER OR THE PRIME CONTRACTOR WILL NOT BE PERMITTED OR PAID FOR, UNLESS THE OWNER HAS EXPRESSLY GIVEN PRIOR APPROVAL OF SUCH STORAGE IN WRITING. (d) The Prime Contractor warrants that title to all Work covered by an Application for Payment will pass to the Owner no later than the time of payment. The Prime Contractor further warrants that upon submittal of an Application for Payment all Work for which Certificates for Payment have been previously issued and payments received from the Owner shall be free and clear of lienssubject to an agreement under which an interest is retained or an encumbrance is attached by the seller thereof, claims, security interests or encumbrances in favor of the Prime Contractor, Subcontractorsor any other person or entity. Unless otherwise agreed in writing, material suppliers, or other persons or entities making a claim by reason of having provided laborall goods, materials, and equipment relating to the Work. (e) All materials or equipment delivered to the Project site earlier than thirty (30) days prior to an approved schedule for delivery to the Project site shall be classified as an “early delivery.” All early delivery materials or equipment must have the express written permission of the Owner to be stored on the Project site. If any unauthorized early delivery occurs, Prime Contractor shall, at Prime Contractor’s expense or at the expense time of initial purchase thereof, be (i) insured during transit, for which the responsible Subcontractor or Supplier, cause such early delivery purchase thereof shall be contracted with the seller to be removed from the Project site and stored off-site until required at the Project site. All costs of labor, transportation and storage will be included as part of the expense. If the Prime Contractor fails or refuses to remove unauthorized early delivery materials, the Owner may cause such materials to be removed at the Prime Contractor's sole expense, and amounts may be withheld from the Prime Contractor's Application for Payment to reimburse the Owner for any costs incurred in removing unauthorized early delivery materials. OWNER WILL NOT BE RESPONSIBLE FOR THE PROTECTION OF OR RISK OF LOSS ON ANY EARLY DELIVERY MATERIALS OR EQUIPMENT, NOR WILL OWNER BE LIABLE FOR ANY PAYMENT FOR THE EARLY DELIVERY MATERIALS OR EQUIPMENT. Any materials or equipment classified as early delivery will not be approved for payment as stored materials prior to thirty (30) days before the incorporation of the materials or equipment into the Work, unless storage and payment at an earlier date is expressly approved in writing by the Owner. (f) If the Contract Sum is equal to or less than $25,000, and if performance and payment bonds are not furnished by the Contractor, then no payment applied for will be payable under the Contract until the Work has been finally completed and accepted.delivered

Applications for Payment. (a) At least ten (10) days before 1.1 Applications for payment on account may be made monthly as the date established Construction Work progress. 1.2 Project Co and Contractor agree that for each progress paymentthe purpose of calculating payment hereunder and for the amount of any Legislative Holdback under the Construction Contract such determination shall be based only upon the Cost of the Work. 1.3 Application for payment by Contractor shall be dated the last day of the agreed monthly payment period and the amount claimed shall be based on the value, proportionate to the Prime Cost of the Work, of the Construction Work performed forming part of the Cost of the Work including Products delivered to the Site at that date. The application for payment shall also include and separately state the value of the Construction Work performed with respect to Change Orders or Change Directives the payment of which Project Co is responsible for and which are included within Additional Owner Payments. Applications for payment shall be made to the Consultant and to the Lender’s Consultant at the same time. The Lender’s Consultant shall be responsible for verifying the application for payment to the Lender. 1.4 Contractor shall submit to the Architect/Engineer an itemized Application Consultant and the Lender's Consultant, at least 14 days before the first application for Payment payment, a schedule of values for the parts of the Construction Work completed so as to facilitate a valuation of applications for payment. 1.5 The schedule of values shall be made out in accordance with such form, broken down in such detail and supported by such evidence as Project Co and the Consultant and the Lender's Consultant may reasonably direct and when accepted by the Consultant and the Lender's Consultant and Project Co, shall be used as the basis for applications for payment, unless it is found to be in error. 1.6 Claims for Products delivered to the Site but not yet incorporated into the Construction Work shall be supported by such evidence as the Consultant may reasonably require to establish the value and delivery of the Products. 1.7 Contractor shall submit to Project Co, the Consultant and the Lender's Consultant a statement based on the schedule of values. The Application shall be notarized, if requireda Workplace Safety & Insurance Board Certificate of Clearance, and supported by data substantiating the Prime Contractor’s right to payment as the Owner or Architect/Engineer may require, including but not limited to copies of requisitions from Subcontractors and material suppliers, and reflecting the applicable retainage as required in the Contract Documents. Prime Contractor's Application for Payment shall also provide other supporting documentation as the Owner or the other applicable provisions updated Construction Schedule provided under Section 18.1(e) of the Contract Documents may requireProject Agreement and an updated cash flow with each application for payment. (b) Applications 1.8 With the second and all subsequent applications for Payment may not include requests for payment, except the final payment and release of amounts the Prime holdback applications, Contractor does not intend to pay to shall submit a Subcontractor because of a good faith dispute, unless the Prime Contractor complies with Clause 5.3(b) (2) of these General Conditions and the Prime Contractor’s Payment Bond Surety consents in writing to payment to the Prime Contractor of the funds deemed to be in dispute. (c) Unless otherwise provided in the Contract Documents, progress payments shall include payment for materials and equipment delivered and suitably stored at the Project site for subsequent incorporation into the Work within thirty (30) days after delivery to the Project site. If approved in advance by the Owner, payment may similarly be made for materials and equipment suitably stored away from the Project site at a location agreed upon in writing. Payment for costs incurred in storage of materials or equipment away from the Project site will NOT be made by Owner unless: (1) the Owner has given prior approval of such off-site storage in writing; (2) the materials or equipment are stored in a bonded warehouse located in Xxxxxx County and identified with the Project for which they are stored, as evidenced by warehouse receipts and appropriate documents of title; and (3) the materials or equipment stored off-site will be incorporated into the Work within thirty (30) days after delivery. STORAGE IN FACILITIES OF THE MANUFACTURER OR THE PRIME CONTRACTOR WILL NOT BE PERMITTED OR PAID FOR, UNLESS THE OWNER HAS EXPRESSLY GIVEN PRIOR APPROVAL OF SUCH STORAGE IN WRITING. (d) The Prime Contractor warrants that title to all Work covered by an Application for Payment will pass to the Owner no later than the time of payment. The Prime Contractor further warrants that upon submittal of an Application for Payment all Work for which Certificates for Payment have been previously issued and payments received from the Owner shall be free and clear of liens, claims, security interests or encumbrances in favor of the Prime Contractor, Subcontractors, material suppliers, or other persons or entities making a claim by reason of having provided labor, materials, and equipment relating to the Work. (e) All materials or equipment delivered to the Project site earlier than thirty (30) days prior to an approved schedule for delivery to the Project site shall be classified as an “early delivery.” All early delivery materials or equipment must have the express written permission of the Owner to be stored Statutory Declaration on the Project site. If any unauthorized early delivery occurs, Prime Contractor shall, at Prime Contractor’s expense or at the expense of the responsible Subcontractor or Supplier, cause such early delivery to be removed from the Project site and stored off-site until required at the Project site. All costs of labor, transportation and storage will be included as part of the expense. If the Prime Contractor fails or refuses to remove unauthorized early delivery materials, the Owner may cause such materials to be removed at the Prime Contractor's sole expense, and amounts may be withheld from the Prime Contractor's Application for Payment to reimburse the Owner for any costs incurred in removing unauthorized early delivery materials. OWNER WILL NOT BE RESPONSIBLE FOR THE PROTECTION OF OR RISK OF LOSS ON ANY EARLY DELIVERY MATERIALS OR EQUIPMENT, NOR WILL OWNER BE LIABLE FOR ANY PAYMENT FOR THE EARLY DELIVERY MATERIALS OR EQUIPMENT. Any materials or equipment classified as early delivery will not be approved for payment as stored materials prior to thirty (30) days before the incorporation of the materials or equipment into the Work, unless storage and payment at an earlier date is expressly approved in writing by the Owner. (f) If the Contract Sum is equal to or less than $25,000, and if performance and payment bonds are not furnished by the Contractor, then no payment applied for will be payable under the Contract until the Work has been finally completed and accepted.CCDC Form 9A.

Applications for Payment. (a) At least ten (10) days before the date established for each progress payment, the Prime Contractor 9.3.1 Construction Manager shall submit to the Architect/Engineer Development Manager and Architect an itemized Application for Payment for Work operations completed in accordance with the schedule of valuesvalues at the times set forth in the Agreement. The Application Such application shall be notarized, if required, and supported by such data substantiating the Prime Contractor’s Construction Manager's right to payment as the Owner Development Manager, Trustee or Architect/Engineer Architect may require, including but not limited to such as copies of requisitions from Subcontractors and material suppliers, and reflecting the applicable retainage as required if provided for in the Contract Documents. Prime Contractor's Construction Manager shall provide with each Application for Payment shall also provide other supporting documentation as unconditional lien waivers and releases in statutory form with respect to the Owner or period covered by the other applicable provisions of prior Application for Payment and conditional lien waivers and releases in statutory form covering the Contract Documents may requireperiod related to the current Application for Payment. (b) Applications 9.3.1.1 As provided for Payment in Subparagraph 7.3.8, such applications may include requests for payment on account of changes in the Work which have been properly authorized by Construction Change Directives, but not yet included in Change Orders. 9.3.1.2 Such applications may not include requests for payment portions of amounts the Prime Contractor Work for which the Construction Manager does not intend to pay to a Subcontractor because of a good faith disputeor material supplier, unless such Work has been performed by others whom the Prime Contractor complies with Clause 5.3(b) (2) of these General Conditions and the Prime Contractor’s Payment Bond Surety consents in writing Construction Manager intends to payment to the Prime Contractor of the funds deemed to be in disputepay. (c) 9.3.2 Unless otherwise provided in the Contract Documents, progress payments shall include payment for be made on account of materials and equipment delivered and suitably stored at the Project site for subsequent incorporation into in the Work within thirty (30) days after delivery to the Project siteWork. If approved in advance by the Owner, payment may similarly be made for materials and equipment suitably stored away from off the Project site at a location agreed upon in writing. Payment for costs incurred in storage of materials or equipment away from the Project site will NOT be made by Owner unless: (1) the Owner has given prior approval of such off-site storage in writing; (2) the materials or equipment are stored in a bonded warehouse located in Xxxxxx County and identified with the Project for which they are stored, as evidenced by warehouse receipts and appropriate documents of title; and (3) the materials or equipment stored off-on or off the site will shall be incorporated into conditioned upon compliance by the Work within thirty (30) days after delivery. STORAGE IN FACILITIES OF THE MANUFACTURER OR THE PRIME CONTRACTOR WILL NOT BE PERMITTED OR PAID FORConstruction Manager with procedures satisfactory to the Development Manager to establish the Owner's title to such materials and equipment or otherwise protect the Owner's interest, UNLESS THE OWNER HAS EXPRESSLY GIVEN PRIOR APPROVAL OF SUCH STORAGE IN WRITINGand shall include the costs of applicable insurance, storage and transportation to the site for such materials and equipment stored off the site. (d) 9.3.3 The Prime Contractor Construction Manager warrants that title to all Work covered by an Application for Payment will pass to the Owner no later than the time of payment. The Prime Contractor Construction Manager further warrants that upon submittal of an Application for Payment all Work for which Certificates for Payment have been previously issued and payments received from the Owner shall be free and clear of liens, claims, security interests or encumbrances in favor of the Prime ContractorConstruction Manager, Subcontractors, material suppliers, or other persons or entities making a claim by reason of having provided labor, materials, materials and equipment relating to the Work. (e) All materials or equipment delivered to the Project site earlier than thirty (30) days prior to an approved schedule for delivery to the Project site shall be classified as an “early delivery.” All early delivery materials or equipment must have the express written permission of the Owner to be stored on the Project site. If any unauthorized early delivery occurs, Prime Contractor shall, at Prime Contractor’s expense or at the expense of the responsible Subcontractor or Supplier, cause such early delivery to be removed from the Project site and stored off-site until required at the Project site. All costs of labor, transportation and storage will be included as part of the expense. If the Prime Contractor fails or refuses to remove unauthorized early delivery materials, the Owner may cause such materials to be removed at the Prime Contractor's sole expense, and amounts may be withheld from the Prime Contractor's Application for Payment to reimburse the Owner for any costs incurred in removing unauthorized early delivery materials. OWNER WILL NOT BE RESPONSIBLE FOR THE PROTECTION OF OR RISK OF LOSS ON ANY EARLY DELIVERY MATERIALS OR EQUIPMENT, NOR WILL OWNER BE LIABLE FOR ANY PAYMENT FOR THE EARLY DELIVERY MATERIALS OR EQUIPMENT. Any materials or equipment classified as early delivery will not be approved for payment as stored materials prior to thirty (30) days before the incorporation of the materials or equipment into the Work, unless storage and payment at an earlier date is expressly approved in writing by the Owner. (f) If the Contract Sum is equal to or less than $25,000, and if performance and payment bonds are not furnished by the Contractor, then no payment applied for will be payable under the Contract until the Work has been finally completed and accepted.

Applications for Payment. (a) At least ten (10) days before the date established for each progress payment, the Prime Contractor shall submit to the Architect/Engineer an itemized Application for Payment for Work completed in accordance with the schedule of values. The Application shall be notarized, if required, and supported by data substantiating the Prime Contractor’s right to payment as the Owner or Architect/Engineer may require, including but not limited to copies of requisitions from Subcontractors and material suppliers, and reflecting the applicable retainage as required in the Contract Documents. Prime Contractor's Application for Payment shall also provide other supporting documentation as the Owner or the other applicable provisions of the Contract Documents may require. (b) Applications for Payment may not include requests for payment of amounts the Prime Contractor does not intend to pay to a Subcontractor because of a good faith dispute, unless the Prime Contractor complies with Clause 5.3(b) (2) of these General Conditions and the Prime Contractor’s Payment Bond Surety consents in writing to payment to the Prime Contractor of the funds deemed to be in dispute. (c) Unless otherwise provided in the Contract Documents, progress payments shall include payment for materials and equipment delivered and suitably stored at the Project site for subsequent incorporation into the Work within thirty (30) days after delivery to the Project site. If approved in advance by the Owner, payment may similarly be made for materials and equipment suitably stored away from the Project site at a location agreed upon in writing. Payment for costs incurred in storage of materials or equipment away from the Project site will NOT be made by Owner unless: (1) the Owner has given prior approval of such off-site storage in writing; (2) the materials or equipment are stored in a bonded warehouse located in Xxxxxx County and identified with the Project for which they are stored, as evidenced by warehouse receipts and appropriate documents of title; and (3) the materials or equipment stored off-site will be incorporated into the Work within thirty (30) days after delivery. STORAGE IN FACILITIES OF THE MANUFACTURER OR THE PRIME CONTRACTOR WILL NOT BE PERMITTED OR PAID FOR, UNLESS THE OWNER HAS EXPRESSLY GIVEN PRIOR APPROVAL OF SUCH STORAGE IN WRITING. (d) The Prime Contractor warrants that title to all Work covered by an Application for Payment will pass to the Owner no later than the time of payment. The Prime Contractor further warrants that upon submittal of an Application for Payment all Work for which Certificates for Payment have been previously issued and payments received from the Owner shall be free and clear of liens, claims, security interests or encumbrances in favor of the Prime Contractor, Subcontractors, material suppliers, or other persons or entities making a claim by reason of having provided labor, materials, and equipment relating to the Work. (e) All materials or equipment delivered to the Project site earlier than thirty (30) days prior to an approved schedule for delivery to the Project site shall be classified as an “early delivery.” All early delivery materials or equipment must have the express written permission of the Owner to be stored on the Project site. If any unauthorized early delivery occurs, Prime Contractor shall, at Prime Contractor’s expense or at the expense of the responsible Subcontractor or Supplier, cause such early delivery to be removed from the Project site and stored off-site until required at the Project site. All costs of labor, transportation and storage will be included as part of the expense. If the Prime Contractor fails or refuses to remove unauthorized early delivery materials, the Owner may cause such materials to be removed at the Prime Contractor's sole expense, and amounts may be withheld from the Prime Contractor's Application for Payment to reimburse the Owner for any costs incurred in removing unauthorized early delivery materials. OWNER WILL NOT BE RESPONSIBLE FOR THE PROTECTION OF OR RISK OF LOSS ON ANY EARLY DELIVERY MATERIALS OR EQUIPMENT, NOR WILL OWNER BE LIABLE FOR ANY PAYMENT FOR THE EARLY DELIVERY MATERIALS OR EQUIPMENT. Any materials or equipment classified as early delivery will not be approved for payment as stored materials prior to thirty (30) days before the incorporation of the materials or equipment into the Work, unless storage and payment at an earlier date is expressly approved in writing by the Owner. (f) If the Contract Sum is equal to or less than $25,000, 25,000.00 and if performance and payment bonds are not furnished by the Contractor, then no payment applied for will be payable under the Contract until the Work has been finally completed Finally Completed and accepted.

Applications for Payment. (a) 9.3.1 At least ten (10) days before the date established for each progress payment, the Prime Contractor shall submit to the Architect/Engineer Architect an itemized Application for Payment for Work operations completed in accordance with the schedule of values. The Application Such application shall be notarized, if required, and supported by such data substantiating the Prime Contractor’s 's right to payment as the Owner or Architect/Engineer Architect may require, including but not limited to such as copies of requisitions from Subcontractors and material suppliers, and reflecting the applicable retainage as required if provided for elsewhere in the Contract Documents. Prime Contractor's Application for Payment shall also provide other supporting documentation as the Owner or the other applicable provisions of the Contract Documents may require. (b) Applications 9.3.1.1 Such applications may include requests for Payment payment or account of changes in the Work which have been properly authorized by Construction Change Directives but not yet included in Changes Orders. 9.3.1.2 Such applications may not include requests for payment of amounts the Prime Contractor does not intend to pay to a Subcontractor or material supplier because of a good faith dispute, unless the Prime Contractor complies with Clause 5.3(b) (2) of these General Conditions and the Prime Contractor’s Payment Bond Surety consents in writing to payment to the Prime Contractor of the funds deemed to be in disputedispute or other reason. (c) 9.3.2 Unless otherwise provided in the Contract Documents, progress payments shall include payment for be made on account of materials and equipment delivered and suitably stored at the Project site for subsequent incorporation into in the Work within thirty (30) days after delivery to the Project siteWork. If approved in advance in writing, signed by the OwnerOwner and Lender, payment may similarly be made for materials and equipment suitably stored away from off the Project site at a bonded warehouse location agreed upon in writingWashoe County, Nevada. Payment for costs incurred in storage of materials and equipment stored on or equipment away from off the Project site will NOT shall be made conditioned upon compliance by Owner unless: (1) the Contractor with procedures satisfactory to the Owner has given prior approval of to establish the Owner's title to such off-materials and equipment or otherwise protect the Owner's interest, and shall include insurance, storage and transportation to the site storage in writing; (2) the for such materials or equipment are stored in a bonded warehouse located in Xxxxxx County and identified with the Project for which they are stored, as evidenced by warehouse receipts and appropriate documents of title; and (3) the materials or equipment stored off-site will be incorporated into off the Work within thirty (30) days after delivery. STORAGE IN FACILITIES OF THE MANUFACTURER OR THE PRIME CONTRACTOR WILL NOT BE PERMITTED OR PAID FOR, UNLESS THE OWNER HAS EXPRESSLY GIVEN PRIOR APPROVAL OF SUCH STORAGE IN WRITINGsite. (d) 9.3.3 The Prime Contractor warrants that title to all Work covered Covered by an Application for Payment will pass to the Owner no later than the time of payment. The Prime Contractor further warrants that upon submittal of an Application for Payment all Work for which Certificates Certificate for Payment have been previously issued and payments received from the Owner shall shall, to the best of the Contractor's knowledge, information and belief, be free and clear of liens, claims, security interests or encumbrances in favor of the Prime Contractor, Subcontractors, material materials suppliers, or other persons or entities making a claim by reason of having provided labor, materials, materials and equipment relating to the Work. (e) All materials or equipment delivered to the Project site earlier than thirty (30) days prior to an approved schedule for delivery to the Project site shall be classified as an “early delivery.” All early delivery materials or equipment must have the express written permission of the Owner to be stored on the Project site. If any unauthorized early delivery occurs, Prime Contractor shall, at Prime Contractor’s expense or at the expense of the responsible Subcontractor or Supplier, cause such early delivery to be removed from the Project site and stored off-site until required at the Project site. All costs of labor, transportation and storage will be included as part of the expense. If the Prime Contractor fails or refuses to remove unauthorized early delivery materials, the Owner may cause such materials to be removed at the Prime Contractor's sole expense, and amounts may be withheld from the Prime Contractor's Application for Payment to reimburse the Owner for any costs incurred in removing unauthorized early delivery materials. OWNER WILL NOT BE RESPONSIBLE FOR THE PROTECTION OF OR RISK OF LOSS ON ANY EARLY DELIVERY MATERIALS OR EQUIPMENT, NOR WILL OWNER BE LIABLE FOR ANY PAYMENT FOR THE EARLY DELIVERY MATERIALS OR EQUIPMENT. Any materials or equipment classified as early delivery will not be approved for payment as stored materials prior to thirty (30) days before the incorporation of the materials or equipment into the Work, unless storage and payment at an earlier date is expressly approved in writing by the Owner. (f) If the Contract Sum is equal to or less than $25,000, and if performance and payment bonds are not furnished by the Contractor, then no payment applied for will be payable under the Contract until the Work has been finally completed and accepted.

Applications for Payment. (a) At least ten (10) days 1. On or before the date established for first day of each progress paymentmonth during the performance of the Work, the Prime Contractor shall submit to the Architect/Engineer Architect for its approval an itemized application for payment ("Application for Payment") in form and substance satisfactory to Owner (simultaneously therewith sending copies to Owner and such consultants and Owner’s Lender, hereinafter defined, as Owner may direct). Prior to the Contractor's submission of the Final Application for Payment for Work completed (as hereinafter defined) in accordance with the schedule terms of valuesthe Contract, each Application for Payment shall be for a sum equal to all of Contractor's Costs incurred during the preceding month less ten percent (10%) retainage in accordance with Section 53.101 of the Texas Property Code. Contractor's Costs shall be segregated and detailed in a manner satisfactory to Owner. 2. When an Application for Payment includes materials or equipment stored off the Project site or stored on the Project site but not incorporated in the Work, for which no previous payment has been requested, a complete description of such material or equipment shall be attached to the Application for Payment. Suitable storage that is off the Project site shall be a bonded warehouse or appropriate storage approved by Owner, with the stored material properly tagged and identifiable for this Project and properly segregated from other materials. The Application Owner's written approval shall be notarizedobtained before the use of off-site storage is made. Such approval may be withheld in Owner's sole discretion. Title to all such equipment and materials shall pass to the Owner upon payment therefor or incorporation in the Work, whichever shall first occur, and the Contractor shall prepare and execute all documents necessary to effect and perfect such transfer of title. The vesting of such title shall not impose any obligations on the Owner or relieve the Contractor of any of its obligations hereunder. Once an item of stored materials has been physically incorporated into the Work, it shall no longer count against or be included in the aggregate total dollar amount of outstanding stored materials. 3. The "Schedule of Values," as prepared by Contractor and approved by Owner and Architect in accordance with Section 9.2 of the General Conditions, shall be itemized to facilitate payments to Subcontractors and shall be in sufficient detail to show Contractor's right to the payment claimed. 4. In each Application for Payment, the Contractor shall certify that such Application for Payment represents a just estimate of costs reimbursable to the Contractor under the terms of Section V.B and shall also certify as follows: "There are no known mechanics' or materialmen's liens outstanding at the date of this requisition, that all due and payable bills with respect to the Work have been paid to date or are included in the amount requested in the current application, and that, except for such bills not paid but so included, there is no known basis for the filing of any mechanics' or materialmen's liens on the Work, and that releases from all Subcontractors and materialmen have been obtained in such form as to constitute an effective release of lien under the laws of the state of Texas covering all Work theretofore performed and for which payment has been made by the Owner to Contractor." 5. The Contractor shall furnish with the first Application for Payment (a) conditional partial releases of lien from Contractor, each Subcontractor and each material supplier that performed work or provided materials included in the Application for Payment being submitted; and (b) an Affidavit of Bills Paid in the form required under Section 53.085 of the Texas Property Code. The Contractor shall furnish with the second Application for Payment and all subsequent Applications for Payment (x) conditional partial releases of lien from the Contractor, each Subcontractor and each material supplier that performed work or provided materials included in the Application for Payment being submitted; (y) an affidavit of Bills Paid in the form required under Section 53.085 of the Texas Property Code; and (z) unconditional partial releases of lien from Contractor, each Subcontractor and each material supplier that performed work or provided material included in the previous Application for Payment and for which payment has been made by Owner to Contractor. Contractor shall also submit with each Application for Payment any other such forms as required by Owner or Owner's title insurer in order to ensure an effective release of mechanics' or materialmen's liens in compliance with the laws of the State of Texas. In no event will any payment be made until all such waivers, releases and other required documentation are submitted to Owner. If any lien holder records a lien in any amount against the Property for Work paid for by Owner, no payment will be due Contractor until such lien is released of record by the filing of a Release of Lien in the Real Property Records of Bexar County, Texas, or Contractor provides Owner a bond satisfactory to the Owner to indemnify the Owner against any lien at the Contractor's sole cost which satisfies the requirements of Subchapter H of Chapter 53 of the Texas Property Code. The cost of any such bond may not be included in the Cost of the Work. All lien releases provided under this Agreement shall be in the form required by Section 53.284 of the Texas Property Code. 6. With the submission of each Application for Payment, the Contractor and each Subcontractor who has executed a Cost Plus Fee with Guaranteed Maximum subcontract will provide to the Owner the complete costs (job cost to date print out data, reports associated with the job costs and any other documentation as may be required by the Owner) to support the Application for Payment. Additionally, the Contractor will provide, if requiredrequested by the Owner, copies of Contractor's Subcontractors' pay requests, invoices, labor sheets and other information substantiating the Contractor's right to payment, all verified and summarized by the Contractor's accounting department. 7. The Contractor shall further submit with each Application for Payment a monthly progress report which shall set forth in detail the status of the Project as of the date of such Application for Payment. The exact format of the progress report shall be determined by the Owner and agreed upon by the Contractor prior to submission of the initial Application for Payment; however, the progress reports shall at a minimum describe those aspects of the Work which have been commenced and the status thereof, enumerate the tradesmen and Subcontractors then involved in the Work and the amount of personnel employed on the Project by them, set forth the schedule for major portions of the Work for the coming month, and supported include the Contractor's appraisal of the progress and Cost of the Work, together with recommendations as to any action which is required by data substantiating the Prime Contractor’s right to payment as the Owner or Architect/Engineer . Each monthly progress report shall be accompanied by an update of the CPM schedule the exact form of which shall be mutually agreed to by the Owner and Contractor at the time the format for the progress report is determined. Additionally, the Contractor shall provide the Owner with monthly progress photos of the Work, pursuant to guidelines and requirements to be established by the Owner. 8. The Contractor shall not submit for the Owner's review and approval any Application for Payment that is incomplete, inaccurate or lacks the detail, specificity or supporting documentation required by this Section V.D. It is understood and agreed by the Contractor and Owner that if any Application for Payment is deficient to such an extent that such does not constitute a reasonably complete Application for Payment, the Contractor shall be required to resubmit said Application for Payment in proper form prior to the Owner incurring any obligation to make payment on account thereof. The Contractor specifically agrees that it shall not include in any Application for Payment sums attributable to Work that the Owner, Architect or Contractor have rejected or which otherwise constitute or relate to applications for payments, bxxxxxxx or invoices of Subcontractors or suppliers that the Contractor disputes or for any other reason does not intend to pay. 9. The Owner shall review each such Application for Payment and may requiremake such exceptions as the Owner reasonably deems necessary or appropriate under the state of circumstances then existing. Within twenty-five (25) days after submission of the Application for Payment by the Contractor to the Owner (unless such date falls on a weekend or holiday, then on the next business day) and provided the Contractor has submitted its Application for Payment and supporting documentation in the manner and detail herein required by this Agreement, the Owner shall make payment to the Contractor in the amount approved as aforesaid subject to Section V.E hereof. The payment of any Application for Payment by the Owner, including but the Final Application for Payment, does not limited to copies constitute approval or acceptance of requisitions from Subcontractors and material suppliers, and reflecting any item of cost in such Application for Payment. 10. The Contractor agrees that ten percent (10%) of the applicable retainage as required amount due under each subcontract shall be retained by the Owner until final payment ("Final Payment"). Retainage shall be included in the Contract Documents. Prime Contractor's Application for Payment for the purpose of indicating the value of the Work performed, however, the Contractor shall also provide other supporting documentation as not request payment thereof from the Owner until such retainage is actually paid or the other applicable provisions of the Contract Documents may requirepayable. 11. Ten (b) Applications for Payment may not include requests for payment of amounts the Prime Contractor does not intend to pay to a Subcontractor because of a good faith dispute, unless the Prime Contractor complies with Clause 5.3(b) (2) of these General Conditions and the Prime Contractor’s Payment Bond Surety consents in writing to payment to the Prime Contractor of the funds deemed to be in dispute. (c) Unless otherwise provided in the Contract Documents, progress payments shall include payment for materials and equipment delivered and suitably stored at the Project site for subsequent incorporation into the Work within thirty (3010) days after delivery to Final Completion of the Project site. If approved in advance Work and acceptance thereof by the Owner, or as soon thereafter as possible, the Contractor shall submit a final request for payment may similarly ("Final Application for Payment"), which shall set forth all amounts due and remaining unpaid to the Contractor (including the unpaid portion of the Contractor's Fee, if any), and upon approval thereof by the Architect and Owner, the Owner shall pay to the Contractor the amount due under such Final Application for Payment. Anything to the contrary contained herein or elsewhere notwithstanding, Final Payment shall not be made for materials and equipment suitably stored away from prior to the Project site at a location agreed upon in writing. Payment for costs incurred in storage later of materials or equipment away from the Project site will NOT be made by Owner unless: (1a) the Owner has given prior approval thirty-one (31) days following Final Completion of such off-site storage in writing; (2) the materials or equipment are stored in a bonded warehouse located in Xxxxxx County and identified with the Project for which they are stored, as evidenced by warehouse receipts and appropriate documents of title; and (3) the materials or equipment stored off-site will be incorporated into the Work within thirty and (30b) twenty-five (25) days after delivery. STORAGE IN FACILITIES OF THE MANUFACTURER OR THE PRIME CONTRACTOR WILL NOT BE PERMITTED OR PAID FOR, UNLESS THE OWNER HAS EXPRESSLY GIVEN PRIOR APPROVAL OF SUCH STORAGE IN WRITINGfollowing the Contractor's submission of its Final Application for Payment. (d) 12. The Prime Contractor warrants that title to all Work covered by an Final Application for Payment will pass shall not be made until the Contractor completes all deficient or defective Work and delivers to the Owner no later than the time a certificate of paymentoccupancy, a complete and detailed computation of final job costs, all warranties, guarantees, training, operation and maintenance manuals, and a complete set of As- Built Record Drawings, in a form acceptable to Owner. The Prime In addition, Contractor further warrants shall deliver (a) a notarized affidavit and certificate of completion that upon submittal of an Application for Payment certifies that (i) all Work for which Certificates for Payment claims, liens and judgments have been previously issued and payments received from the Owner shall be free and clear of liens, claims, security interests or encumbrances in favor of the Prime Contractor, Subcontractors, material suppliers, or other persons or entities making a claim by reason of having provided labor, materials, and equipment relating to the Work. (e) All materials or equipment delivered to the Project site earlier than thirty (30) days prior to an approved schedule for delivery to the Project site shall be classified as an “early delivery.” All early delivery materials or equipment must have the express written permission of the Owner to be stored on the Project site. If any unauthorized early delivery occurs, Prime Contractor shall, at Prime Contractor’s expense or at the expense of the responsible Subcontractor or Supplier, cause such early delivery to be removed from the Project site and stored off-site until required at the Project site. All costs of labor, transportation and storage will be included as part of the expense. If the Prime Contractor fails or refuses to remove unauthorized early delivery materials, the Owner may cause such materials to be removed at the Prime Contractor's sole expense, and amounts may be withheld from the Prime Contractor's Application for Payment to reimburse the Owner for any costs incurred in removing unauthorized early delivery materials. OWNER WILL NOT BE RESPONSIBLE FOR THE PROTECTION OF OR RISK OF LOSS ON ANY EARLY DELIVERY MATERIALS OR EQUIPMENT, NOR WILL OWNER BE LIABLE FOR ANY PAYMENT FOR THE EARLY DELIVERY MATERIALS OR EQUIPMENT. Any materials or equipment classified as early delivery will not be approved for payment as stored materials prior to thirty (30) days before the incorporation of the materials or equipment into the Work, unless storage and payment at an earlier date is expressly approved in writing by the Owner. (f) If the Contract Sum is equal to or less than $25,000, and if performance and payment bonds are not furnished satisfied by the Contractor, then no payment applied for will be payable under the Contract until the Work has been finally completed and accepted.,

Applications for Payment. (a) At least ten (10) days before the date established for each progress payment, the Prime Contractor shall submit to the Architect/Engineer an itemized Application for Payment for Work completed in accordance with the schedule of values. The Application shall be notarized, if required, and supported by data substantiating the Prime Contractor’s right to payment as the Owner or Architect/Engineer may require, including but not limited to copies of requisitions from Subcontractors and material suppliers, and reflecting the applicable retainage as required in the Contract Documents. Prime Contractor's Application for Payment shall also provide other supporting documentation as the Owner or the other applicable provisions of the Contract Documents may require. (b) Applications for Payment may not include requests for payment of amounts the Prime Contractor does not intend to pay to a Subcontractor because of a good faith dispute, unless the Prime Contractor complies with Clause 5.3(b) (2) of these General Conditions and the Prime Contractor’s Payment Bond Surety consents in writing to payment to the Prime Contractor of the funds deemed to be in dispute. (c) Unless otherwise provided in the Contract Documents, progress payments shall include payment for materials and equipment delivered and suitably stored at the Project site for subsequent incorporation into the Work within thirty (30) days after delivery to the Project site. If approved in advance by the Owner, payment may similarly be made for materials and equipment suitably stored away from the Project site at a location agreed upon in writing. Payment for costs incurred in storage of materials or equipment away from the Project site will NOT be made by Owner unless: (1) the Owner has given prior approval of such off-site storage in writing; (2) the materials or equipment are stored in a bonded warehouse located in Xxxxxx County and identified with the Project for which they are stored, as evidenced by warehouse receipts and appropriate documents of title; and (3) the materials or equipment stored off-site will be incorporated into the Work within thirty (30) days after delivery. STORAGE IN FACILITIES OF THE MANUFACTURER OR THE PRIME CONTRACTOR WILL NOT BE PERMITTED OR PAID FOR, UNLESS THE OWNER HAS EXPRESSLY GIVEN PRIOR APPROVAL OF SUCH STORAGE IN WRITING. (d) The Prime Contractor warrants that title to all Work covered by an Application for Payment will pass to the Owner no later than the time of payment. The Prime Contractor further warrants that upon submittal of an Application for Payment all Work for which Certificates for Payment have been previously issued and payments received from the Owner shall be free and clear of liens, claims, security interests or encumbrances in favor of the Prime DocuSign Envelope ID: 0B2E709F-1B68-46D3-B102-6A54CF462BF3 Contractor, Subcontractors, material suppliers, or other persons or entities making a claim by reason of having provided labor, materials, and equipment relating to the Work. (e) All materials or equipment delivered to the Project site earlier than thirty (30) days prior to an approved schedule for delivery to the Project site shall be classified as an “early delivery.” All early delivery materials or equipment must have the express written permission of the Owner to be stored on the Project site. If any unauthorized early delivery occurs, Prime Contractor shall, at Prime Contractor’s expense or at the expense of the responsible Subcontractor or Supplier, cause such early delivery to be removed from the Project site and stored off-site until required at the Project site. All costs of labor, transportation and storage will be included as part of the expense. If the Prime Contractor fails or refuses to remove unauthorized early delivery materials, the Owner may cause such materials to be removed at the Prime Contractor's sole expense, and amounts may be withheld from the Prime Contractor's Application for Payment to reimburse the Owner for any costs incurred in removing unauthorized early delivery materials. OWNER WILL NOT BE RESPONSIBLE FOR THE PROTECTION OF OR RISK OF LOSS ON ANY EARLY DELIVERY MATERIALS OR EQUIPMENT, NOR WILL OWNER BE LIABLE FOR ANY PAYMENT FOR THE EARLY DELIVERY MATERIALS OR EQUIPMENT. Any materials or equipment classified as early delivery will not be approved for payment as stored materials prior to thirty (30) days before the incorporation of the materials or equipment into the Work, unless storage and payment at an earlier date is expressly approved in writing by the Owner. (f) If the Contract Sum is equal to or less than $25,000, and if performance and payment bonds are not furnished by the Contractor, then no payment applied for will be payable under the Contract until the Work has been finally completed and accepted.

Applications for Payment. (a) .1 At least ten (10) days before the date established for each progress payment, the Prime Contractor Xxxxxxx shall submit to the Architect/Engineer Owner an itemized Application for Payment for Work completed in accordance with portions of the schedule of valuesIDB Work. The Application application shall be notarized, if required, and supported by data substantiating the Prime Contractor’s Xxxxxxx’x right to payment as the Owner or Architect/Engineer may require, including but not limited to such as copies of requisitions from Subcontractors the Consultants, Contractors, and material suppliers, and reflecting the applicable shall reflect retainage as required if provided for in the Contract Design-Build Documents. Prime Contractor's Application ; provided that retainage shall not be withheld on the Industrial Design Services. i. All Applications for Payment shall also provide other supporting documentation as the Owner or the other applicable provisions deduct ten percent (10%) of the Contract Documents may requirevalue of the “work” as that term is used in § 53.101 of the Texas Property Code as statutory retainage. ii. Owner shall be entitled to withhold from any interim or progress payment ten percent (b10%) of the value of the “work” as that term is used in § 53.101 of the Texas Property Code as statutory retainage. iii. Statutory retainage shall be paid by Owner to Xxxxxxx, as set forth in Section 11.1.5 above. .2 As provided in Section 9.3.9, Applications for Payment may include requests for payment on account of changes in the IDB Work that have been properly authorized by Change Directives, or by interim determinations of the Owner, but not yet included in Change Orders. i. Applications for Payment shall not include requests for payment for portions of amounts the Prime Contractor IDB Work for which Xxxxxxx does not intend to pay to a Subcontractor because of a good faith disputethe Consultant, Contractor, material supplier, or other persons or entities providing services or work for Xxxxxxx, unless the Prime Contractor complies with Clause 5.3(b) (2) of these General Conditions and the Prime Contractor’s Payment Bond Surety consents in writing such IDB Work has been performed by others whom Xxxxxxx intends to payment to the Prime Contractor of the funds deemed to be in disputepay. (c) .3 Unless otherwise provided in the Contract Industrial Design-Build Documents, progress payments shall include payment be made for services provided as well as materials and equipment delivered and suitably stored at the Project site for subsequent incorporation into in the Work within thirty (30) days after delivery to the Project siteWork. If approved in advance by the Owner, payment may similarly be made for materials and equipment suitably stored away from off the Project site at a location agreed upon in writing. Payment for costs incurred in storage of materials and equipment stored on or equipment away from off the Project site will NOT shall be made conditioned upon compliance by Owner unless: (1) Xxxxxxx with procedures satisfactory to the Owner has given prior approval to establish the Owner’s title to such materials and equipment or otherwise protect the Owner’s interest, and shall include the costs of applicable insurance, storage and transportation to the site for such off-site storage in writing; (2) the materials or equipment are stored in a bonded warehouse located in Xxxxxx County and identified with the Project for which they are stored, as evidenced by warehouse receipts and appropriate documents of title; and (3) the materials or equipment stored off-site will be incorporated into off the Work within thirty (30) days after delivery. STORAGE IN FACILITIES OF THE MANUFACTURER OR THE PRIME CONTRACTOR WILL NOT BE PERMITTED OR PAID FOR, UNLESS THE OWNER HAS EXPRESSLY GIVEN PRIOR APPROVAL OF SUCH STORAGE IN WRITINGsite. (d) The Prime Contractor x. Xxxxxxx warrants that title to all Work IDB Work, other than Instruments of Service, covered by an Application for Payment will pass to the Owner no later than the time of payment. The Prime Contractor Xxxxxxx further warrants that that, upon submittal of an Application for Payment Payment, all IDB Work for which Certificates for Payment have been previously issued and payments received from the Owner shall shall, to the best of Xxxxxxx’x knowledge, information and belief, be free and clear of liens, claims, security interests or encumbrances in favor of the Prime ContractorXxxxxxx, SubcontractorsConsultants, Contractors, material suppliers, or other persons or entities making entitled to make a claim by reason of having provided labor, materials, materials and equipment relating to the IDB Work. (e) All materials or equipment delivered to the Project site earlier than thirty (30) days prior to an approved schedule for delivery to the Project site shall be classified as an “early delivery.” All early delivery materials or equipment must have the express written permission of the Owner to be stored on the Project site. If any unauthorized early delivery occurs, Prime Contractor shall, at Prime Contractor’s expense or at the expense of the responsible Subcontractor or Supplier, cause such early delivery to be removed from the Project site and stored off-site until required at the Project site. All costs of labor, transportation and storage will be included as part of the expense. If the Prime Contractor fails or refuses to remove unauthorized early delivery materials, the Owner may cause such materials to be removed at the Prime Contractor's sole expense, and amounts may be withheld from the Prime Contractor's Application for Payment to reimburse the Owner for any costs incurred in removing unauthorized early delivery materials. OWNER WILL NOT BE RESPONSIBLE FOR THE PROTECTION OF OR RISK OF LOSS ON ANY EARLY DELIVERY MATERIALS OR EQUIPMENT, NOR WILL OWNER BE LIABLE FOR ANY PAYMENT FOR THE EARLY DELIVERY MATERIALS OR EQUIPMENT. Any materials or equipment classified as early delivery will not be approved for payment as stored materials prior to thirty (30) days before the incorporation of the materials or equipment into the Work, unless storage and payment at an earlier date is expressly approved in writing by the Owner. (f) If the Contract Sum is equal to or less than $25,000, and if performance and payment bonds are not furnished by the Contractor, then no payment applied for will be payable under the Contract until the Work has been finally completed and accepted.