TERMS OF PAYMENTS – One hundred (100) percent of the contract amount shall paid by the OWNER by progress payments based on the estimated percentage of the work satisfactorily completed at the end of each billing month by the contractor and accepted by the owner. Five (5) percent of the contract amount shall be retained by the owner pursuant to item 4 hereof. Likewise Three (3) percent shall be withheld by the owner and remitted to the proper government office. The OWNER shall furnish the CONTRACTOR a copy of the receipt evidencing that the acceptance of the work made from time to time for the purpose of making progress payments shall not be construed as final acceptance of the work being performed by the CONTRACTOR as contemplated in Item 18 of this agreement. The process time for billings in connection to this project will be 30 days upon approval of the OWNER and payment will be released every 22nd of each month.