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G8. 05 Progress Payments. The Contractor shall furnish the Agency with a detailed breakdown of the contract price of lump sum items for the purpose of making partial payments thereon. The costs of any of these items will be used only for determining the partial payments and will not be considered as fixing a basis for additions to or deductions from the contracct price. Once near the end of each month the Engineer shall prepare in writing an estimate of the total amount and value of the work done, and the acceptable materials furnished and delivered but not used, to the time of the estimate. The Agency shall retain 10 percent of the estimated value of the work done, and 10 percent of the value of the materials estimated to have been furnished and delivered but not used, as part security for the fulfillment of the contract by the Contractor; and after deducting therefrom all previous payments and all sums to be deducted and retained under the provisions of the contract, pay monthly to the Contractor the balance not retained as aforesaid. However, at any time after 50 percent of the work has been completed , if the Agnecy finds that satisfactory progress is being made, the Agency may make any of the remaining progress payments in full for actual work completed, or may withhold any amount up to 10 percent thereof, as the Agency may find appropriate based on the Contractor ' s progress. No such estimate or progress payment will be made when, in the judgment of the Engineer , the work is not proceeding in accordance with the provisions of the contract, or when in his judgment the total work done since the last estimate amounts to less than one thousand dollars ($1, 000. 00) . Pursuant to Chapter 13, Section 4590 of the Government Code the Contractor will be permitted to substitute securities for any money withheld by the Agency to ensure performance under this contract. At the request and expense of the Contractor, securities equivalent to the amount withheld shall be deposited with the Agency, or with a State or Federally chartered bank as the escrow agent, who shall pay such moneys to the Contractor upon satisfactory completion of the Contract, and direction of the Agency. Securities eligible for investment under this section shall include those listed in Section 16430 of the Government Code, or bank or savings and loan certificates of deposit. 1 The Contractor shall be the beneficial owner of any securities substituted for monies withheld and shall receive any interest thereon. Any escrow agreement entered into pursuant to this provision t G-41