Progress Payments Percentage Due Amount Due. Initial Payment upon Contract Signature and securing of Financing: 50% $1,305,682 Monthly Progress Payments: 50% $1,305,682 The entire contract price less the initial payment will be billed monthly as a percentage complete by ECM using the approved Schedule of Values established through the NYSED review process. HONEYWELL shall be paid the amount of each monthly progress payment due HONEYWELL less five percent (5%) retainage (no retainage shall be held on the initial payment). Each month, during the construction period of the Project, HONEYWELL will provide to CUSTOMER an application for payment, using a Honeywell form, together with a list in sufficient detail to reasonably identify the work performed, ECMs or portions thereof installed during that month, and all applicable payroll certifications in accordance with Article 8 of the NYS Labor Law. Within thirty (30) days after the invoice has been approved by ECG and CUSTOMER, CUSTOMER shall pay or cause to be paid to HONEYWELL the undisputed amount due under such invoice. If issues surrounding lack of payment of an undisputed amount are not remedied within ten (10) business days, HONEYWELL may suspend all Work until payment is made. HONEYWELL shall invoice an ECM’s retainage amount after the date of the Substantial Completion Certificate for that particular ECM, and CUSTOMER shall pay or cause to be paid to HONEYWELL said amount within thirty (30) days after receipt of said invoice. ENGINEER OF RECORD. The Customer has identified ECG Engineering, P.C., as the certified Engineer of Record (the “Engineer”) to provide architectural/engineering services in connection with the Work to be performed by Honeywell. The fees and total compensation for such Architectural/Engineering Services shall be $147,813 which is 6% of total project cost and shall be paid by Honeywell to the Engineer in accordance with the following schedule: 40% upon Customer signing contract with Honeywell 40% upon submittal of plans and specifications to NYSED 15% upon NYSED approval 5% upon substantial completion The above increments shall be paid by Honeywell to the Engineer within thirty (30) days of the stated milestone.
