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3. On Net Sales Proceeds exceeding Three Million <br />Dollars ($3,000,000.00) Contractor shall retain forty percent (40 %) <br />and shall pay to or on behalf of Mid- Continent sixty percent (60 %). <br />4. Notwithstanding the foregoing, on sales of the <br />Caterpillar tractor and backhoe at the Mine, commissions shall be <br />calculated only on the net equity of Mid- Continent in said two (2) <br />pieces of equipment over and above an existing purchase money <br />encumbrance thereupon. <br />C. Retainage. Ten percent (10 %) of all commissions due <br />Contractor, up to a maximum of One Hundred Thousand Dollars <br />($100,000.00) shall be set aside in a separate interest bearing <br />account, designated the "Mid- Continent Resources Retainage Trust <br />Account," which shall be maintained in a federally insured bank, <br />(on which account signatures of a representative of Mid- Continent <br />shall be required for any withdrawals), to guarantee to Mid - <br />Continent that Contractor shall perform the Work, pays the costs of <br />the Work herein described and leave the Mine Site and the Load -Out <br />Site in a reasonably safe and clean condition, it being understood <br />that reclamation of the Mine Site and related sites as may be <br />required by the Colorado Mined Land Reclamation Board or Division <br />and or other state and federal authorities is not included in the <br />scope of the work contemplated by this Contract or of Contractor. <br />Upon completion of on -site dismantling of the surface structures at <br />the Mine Site, Contractor will be entitled to thirty -five percent <br />(35 %) of the retainage and interest earned thereupon. Contractor <br />will be entitled to the balance of the retainage when Contractor <br />has completed the Work, but in no event beyond the five -year term <br />of this Contract. <br />V. SUBCONTRACTORS <br />All portions of the Project shall be performed either with <br />Contractor's personnel or performed under Subcontracts with <br />Contractor. All Subcontracts shall be between the Contractor and <br />the Subcontractors, and Contractor shall be responsible for MSHA <br />registration, training compliance, and performance in compliance <br />with Coal Mine Health and Safety laws, all of the foregoing limited <br />to the Work. Contractor shall be responsible to Mid- Continent for <br />the acts and omissions of all Subcontractors, agents and employees <br />performing labor or supplying materials for the Work. Contractor <br />shall obtain lien waivers from all Subcontractors at the time of <br />payment, or, alternatively, place a lien waiver by restrictive <br />endorsement on the back of all checks paid to Subcontractors, and <br />shall hold Mid - Continent and Mid - Continent's property harmless from <br />mechanics' liens asserted as a result of non - payment of <br />Subcontractors by Contractor. <br />VI. INSURANCE, INDEMNITY AND WAIVER OF SUBROGATION <br />A. Indemnity. Contractor agrees to indemnify and hold Mid - <br />Continent harmless from all claims for bodily injury and property <br />damage (other than damage to property otherwise insured by Mid - <br />Continent), that may arise from the Contractor's Work. <br />08/13/92(12) <br />- 9 - <br />