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. . complete the CHANGE ORDER work. When materials are included in the invoice, all material receipts shall be attached to the invoice. Please refer to sample invoice and attached CHANGE ORDER breakdown at the end of the Detail and Technical Specifications section of this CONTRACT. Pay estimates will be prepared by the DISTRICT for work completed on or before the 25th of each month. The pay estimates will be reviewed and approved by the CONTRACTOR, and returned to the DISTRICT no later than the 5th of the following month. Within twenty five (25) days following receipt of each pay estimate, DISTRICT, upon its approval of the pay estimate in total or in part, will pay to the CONTRACTOR the amount approved. Prior to DISTRICT paying CONTRACTOR's final statement, CONTRACTOR shall submit evidence satisfactory to DISTRICT that all trash and debris collected under this CONTRACT were properly and legally disposed of and that all payrolls, material bills, and other indebtedness connected with the work herein have been paid. . . B. Retainage . DISTRICT shall retain from each billing ten (10) percent of the total cost of work perfomIed until final completion and acceptance of all work covered by the Contract Documents. However, after fifty (50%) percent of the work has been completed, the DISTRICT may, at its sole option and discretion ifit finds that satisfactory progress is being made, reduce retainage to five (5%) percent of the total cost of work performed including,price adjustments due to CHANGE ORDERS. . . Further, and again at the sole option of the DISTRICT, after ninety-five percent of the work has been satisfactorily accomplished, the DISTRICT may decrease the retained amount to a level which is no less than twice the value of the estimate of work which remains to be done. . Before the DISTRICT will exercise its option to reduce the percentage of monies retained when the work is fifty percent complete and again when it is ninety:-five percent complete, the CONTRACTOR shall have forwarded to the DISTRICT statements from all of his suppliers and Subcontractors indicating that payments owed them by the CONTRACTOR, as of the date of the statement, had been received. These statements shall include lien waivers covering the work done and materials supplied to date. . C. Taxes . CONTRACTOR is hereby made aware that House Bill 1451 concerning Sales Tax Exempt Transactions became law on June 7, 1979. This Act provides that a CONTRACTOR awarded a contract after July 1, 1979 for a public improvement project shall not be required to pay State sales tax or RTD tax on materials purchased and incorporated into work associated with this CONTRACT, provided he applies for and obtains a Certificate of Exemption from the State Department of Revenue. It is the responsibility of CONTRACTOR to obtain a Certificate. Further, . 12