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j shall require that 1) securities of equal or greater value ' shall be deposited for release of amounts withheld , 2) the escrow agent shall convert such securities to cash and deliver such cash to the Agency immediately upon receipt by the escrow agent of a signed direction of the Agency that the Contractor has failed to perform all or part of this agreement after notice , and specifying the amount of cash to be delivered to ' the Agency, and 3 ) the escrow agent may not release any securities to the Contractor until such time as the escrow agent is notified in writing that the Contract is complete and the time for filing of stop notices has expired, at which time the Agency shall direct the release of all such securities except as necessary to secure the claims of any timely stop notice claimants. Any such escrow agreement shall be in form satisfactory to the Agency. Progress payments will not constitute an acceptance of the work or any part thereof , or as a waiver of the right of the Agency to require fulfillment of all terms of the contract. G8. 06 Final inse_g ction and Acceptance of Work . The Contractor shall notify the Engineer in writing of the completion of the work or portion thereof , and the Engineer shall promptly inspect the work. The Contractor or his representatives may be , present at the final inspection . The Contractor will be notified in writing of any defects or deficiencies to be remedied . The Contractor shall proceed to correct such defects or deficiences . When notified that this work has been dompleted , the Engineer will again inspect the work to satisfy himself that all work has been done in accordance with the contract drawings and these specifications , and will either notify the Contractor that further corrections are needed, or if satisfied as to the actual completion of the work in accordance with the terms of the contract, shall thereupon , recommend to the Agency that the work , or substantially completed protions thereof, is acceptable. Final determination of the suitability of the work shall be , made by the Agency . Upon acceptance of the work , the Agency shall immediately file a Notice of Completion , or a Partial Completion Certificate in the case of substantially completed portions. Takeover of substantialy completed protions shall be at the Agency ' s option . The conditions of guaranty shall commence immediately upon takeover by the Agency and completion of any list of deficiencies that may be outstanding . For specific pieces of equipment or processes for which operational performance tests are required, acceptance will be issued only after satisfactory completion of required operating periods as specified in the Special Provisions. G8 .07 Final Estimate and Payment . As soon as possible after the , G-42