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I I I I I I I I I I I I I I I I I I I Section 5. Retainage. An amount equal to ten percent (10~) of all progress payments shall be retained by Owner until work equal to fifty percent (50~) of the Agreement Price has been completed. Thereafter, Owner shall pay all remaining progress payments without retaining additional funds, if, in the opinion of the Architect and Owner, satisfactory progress is being made on the Project. The withheld percentage of the Agreement Price shall be retained until the Project is completed satisfactorily and finally accepted by Owner in accordance with the provisions of the Contract Documents. Section 6. Final Payment. Owner shall make final payment, including release of retainage, to Contractor in accordance with the Contract Documents. Section 7. Final Acceptance. Final acceptance of the Project shall follow inspection and approval of Contractor's performance by the Architect, along with inspection by appropriate manufacturers' representatives and governmental officials pursuant to local, state and federal requirements, if necessary. Owner shall have the right and authority to determine the acceptability of Contractor's performance for conformity with the Contract Documents, which determination shall be conclusive and binding upon Contractor. Final accept- ance by Owner is subject to the provisions of the Contract Documents, and in no manner affects or releases any warranties or guarantees with Contractor or manufacturers of Project equipment. The Project, when presented to'Owner for final acceptance, shall be delivered free from any and all claims or encumbrances, whether then in existence or later established by law, statute, ordinance or otherwise. No claim or encumbrance against the Project or the Project site shall be outstanding or otherwise unsettled at the time of final acceptance. The right to assert any claim or encumbrance against the Project, after final acceptance by Owner and final payment to Contractor, is hereby waived by Contractor on behalf of itself and any subcontractor, laborer, materialman, equipment supplier, manufacturer or other person. Section 8. Commencement and Completion of Performance. Contractor shall commence performance on the Project within ten (10) days after receipt of written Notice to Proceed, and will diligently prosecute all work through completion. Unless an extension of time is granted by Owner as herein pro- vided, Contractor shall complete the Project within a maximum period of one hundred-' twenty. (120'ays after commencement of performance. Owner and Contractor recognize that time is of the essence in this Agreement and the Owner will suffer (inancial loss if the work is not completed within the times specified. If Contractor does not complete performance within said maximum period(s), Owner shall be compensated by Contractor, at the rate of 'One Hundred Dollars ($lOO.OO)per day beyond said maximum period(s) for completion, for ordinary and general damages (liquidated damages) and inconvenience (exclusive of any special damages) to Owner. Said sum shall not be considered a penalty but shall be deemed a reasonable measure of general damages which will be suffered by Owner as a consequence of such delays, such damages being difficult to ascertain by precise measurement. The special damages to Owner for which Contractor also is liable shall be those not related to time of completion. No extension of time to complete performance shall be granted under normal circumstances. Extensions of time to complete performance may be authorized for any actual period of delay, on an occurrence basis, for: (a) adverse weather or climatic conditions not reasonably anticipated; (b) major labor A-2