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but are taken from the Contractor's stock, th~ Contractor shall furnish a written statement certifying that the materials were taken fro~ the stock, that the quantity claimed was actually used, and that the price and trans- portation claimed represent the actual cost to the Contractor. 109.0& Eliminated Items, Should any itemS contained in the Contract be found unnecessary for the proper completion of the work, the Engineer will notify the Contractor in writing, to eliminate the item. Such action will not invalidate the ContraCt. The Contractor, by Contract Modification Order, will be reimbursed for actual work done and all costs incurred, including mobilization of materials and equipment prior to the elimination of the items. . 109.06 Partial Payments. Partial paymen~s will be made once each month as the work pio- gresses, when the Contractor is performing saqs- factorily under the Contract. Payments will be bas~d upon progress estimates prepared by the Engineer, of the value of work performed, matsrials placed in accordance with the Contract, and the value of the materials on hand in accordance with subsection 109.07. The amount of the progrells estimats paid to the Contractor will be subject to the following: (a) Standard Amount Retained. The Division will make a deduction from the progrllss estimats in the amount considered necessary to protect the interests of the State, pursuant to Section 24-91-103, CRS. That amount tOibe retained will be 10% of the .value of the completsd work, exclusive of mobilization and payments for materials on hand, tQ a maximum of 5% of the original contr.ct amount. No further amount will be retained if the Contractor makes satisfactory pro- gress in the contract work. The amount retained will be in effect until such timei as final payment is made, with the following exceptions, each of which requires the Con- tractor's writtsn request and consent of the Surety: (1) When 97'/2 % of the work has b~en completed, the Engineer may, reduce the retained amount to twice the value oUhe remaining work. . (2) Upon completion and acceptance oUhe project, the Engineer may reduce 'the amount retained to 2% of the original contract amount. , (3) After the project quantities are finalized and the Contractor has submitted ithe necessary forms, further reductiona in the amount retained may be approved. (b) Securities in Lieu of Standard Amqunt Retained. When the original contract 36 amount exceeds $80,000 (eighty thousan dollars), the Contractor may withdraw all any portion of the standard amount retaine if acceptable securities are assigned to th Division, and deposited as set forth i Section 24-91-105, CRS and the impl menting regulations. The securities shall all times have a market value at least equ in value to the sums withdrawn. If at an time the Division determines that the mark value of the securities has fallen below th sums withdrawn, the Contractor, shal deposit additional acceptable securities in a amount sufficient to reestablish a tota deposit of securities equal in value to th sums withdrawn. This security substitutio shall not apply if a part of the contract pric is paid from federal, or other sources, and th federal or other source has requirement which are inconsistent with this subsection (c) Subcontractor and Supplier Claims. I addition to a standard amount retained, th Division shall withhold funds for all claim against the Contractor filed by subcon tractors and suppliers, pursuant to Sectio 38-26-107,CRS. (d) No Payment. A partial payment will not b made when the total value of the work don since the last estimate amounts to less tha $500. 109.07 Payment for Material on Hand (Stock piled Material). Payments may be made to th Contractor for materials to be incorporated in th work as evidenced by invoices or cost analyses 0 material produced on the project subject to th following: (1) The material has been fabricated or processe and is ready for installation into the project an conforms to the requirements of the Contract. (2) The material is stored on the project, on Sta owned property, or at an acceptable locatio within the State of Colorado. In the latter cas the Contractor must provide a document signe by the owner and lessee of the property esta lishing that the Division has a vested interes in, and the right of access to and possession the material. (3) The Contractor provides the Engineer with written cost analysis which confirms that t balance of funds in the corresponding item(s) sufficient to complete the installation. (4) The Contractor initially provides the Engine with a certified invoice followed by proof payment (paid invoice) for the purchased ma rial within 30 days of the date that the materi was included in a partial payment. If proof payment is not furnished within the 30 d limitation, the value of the stockpiled mate will be deductsd from the next partial payme