Agreement Between Owner and Contractor

                                                                   EXHIBIT 10.50

                     Agreement Between Owner and Contractor

AGREEMENT made as of the 30th day of January in the year 2004

BETWEEN the Owner:             MONTICELLO RACEWAY MANAGEMENT, INC.

and the Contractor:            FLUOR ENTERPRISES, INC.

The Project is:                MONTICELLO RACINO

                               Fitup and Renovations at the Monticello Raceway,

                               Monticello, New York

The Architect is:              BRENNON, BEER AND GORMAN ARCHITECTS

                               515 Madison Avenue

                               New York, New York 10023

The Owner and Contractor agree as follows:

                                       1

ARTICLE I      THE CONTRACT DOCUMENTS

      The  Contract  Documents  consist  of this  Agreement,  Conditions  of the

      Contract  (General,   Supplementary  and  other   Conditions),   Drawings,

      Specifications, Addenda issued prior to execution of this Agreement, other

      documents  listed  in  this  Agreement  and  Modifications   issued  after

      execution of this Agreement;  these form the Contract,  and are as fully a

      part of the Contract as if attached so this Agreement or repeated  herein.

      The Contract  represents the entire and integrated  agreement  between the

      parties  hereto and  supersedes  prior  negotiations,  representations  or

      agreements,  either  written  or  oral.  An  enumeration  of the  Contract

      Documents, other than Modifications, appears in Article 15. If anything in

      the other Contract  Documents is inconsistent  with this  Agreement,  this

      Agreement shall govern.

ARTICLE 2      THE WORK OF THIS CONTRACT

      The  Contractor  shall fully  execute the Work  described  in the Contract

      Documents,  except  to the  extent  specifically   indicated  in  Contract

      Documents to be the  responsibility of others.  The scope of work is split

      into two phases:

      2.1 Phase I - Phase I Pre-Construction  Services shall be performed by the

      Contractor  consisting of estimating,  value engineering  constructability

      review,  preparation  of a Critical Path  Schedule,  bidding,  purchasing,

      subcontracting  and  developing an acceptable  Guaranteed  Maximum  Price.

      ("GMP") The  Pre-Construction  Services shall commence on October 24, 2003

      and be completed  upon  submission of an acceptable GMP and a receipt from

      the Owner of a Notice to Proceed for construction.

      2.2 Phase II Construction Services shall be performed by the Contractor in

      accordance  with the Contract  Documents and the Guaranteed  Maximum Price

      ("GMP") pursuant  to  Amendment  No 1.  Amendment  No. 1 shall be  jointly

      developed and shall include the GMP and scope of Work to be performed. The

      parties shall  endeavor to complete  Amendment No. 1 on or before March 1,

      2004.

ARTICLE 3      RELATIONSHIP OF THE PARTIES

      The  Contractor   accepts  the   relationship   of  trust  and  confidence

      established  by this  Agreement and covenants  with the Owner to cooperate

      with the  Architect  and exercise the  Contractor's  skill and judgment in

      furthering  the  interests  of the Owner;  to furnish  efficient  business

      administration and supervision; to furnish at all times an adequate supply

      of workers and materials,  and to perform the Work in an  expeditious  and

      economical manner consistent with the Owner's interests.  The Owner agrees

      to furnish and approve,  in a timely manner,  information  required by the

      Contractor and to make payments to the  Contractor in accordance  with the

      requirements of the Contract Documents.

                                       2

ARTICLE 4      DATE OF COMMENCEMENT AND SUBSTANTIAL COMPLETION

      4.1. The date of commencement of the Phase I Pre-Construction  was October

      24, 2003. The date of commencement  of the Phase II Construction  Services

      shall be  established  by a Notice to  Proceed  issued by the Owner to the

      Contractor.

      4.2 The  Contract  Time shill be measured  from the date of the Notice to

      Proceed.

      4.3 The Contractor shall achieve Substantial Completion of the entire Work

      no later than one hundred  seventy-nine  (179) calendar days from the date

      of the Notice to Proceed  subject to  adjustments of this Contract Time as

      provided in the Contract  Documents  ("Contract  Time").  In the event the

      Contractor  fails to  substantially  complete the Work within the Contract

      Time, the  Contractor  shall pay to the Owner the amount of Three Thousand

      Dollars  ($3,000)  per day as  liquidated  damages  for each day after the

      Contract Time until the project has achieved Substantial  Completion.  The

      amount of  liquidated  damages is a  reasonable  estimate of the  damages,

      which damages are  impossible to  specifically  determine at the time this

      Contract is  exceuted,  that the Owner will incur in the event the Project

      is completed after the date of Substantial Completion and not a penalty.

          The parties  agree that  Contractor's  total  aggregate  liability for

      liquidated  damages  shall be  limited  to  $190,000  and such  liquidated

      damages are the Owner's  sole and  exclusive  remedy with  respect to late

      completion.

      4.4 In the event the Contractor is able to achieve Substantial  Completion

      of the entire  Work prior to the  expiration  of the  Contract  Time,  the

      Contractor  shall  receive  from the Owner,  the amount of Three  Thousand

      Dollars ($3,000) per day as a fee bonus for each day of early  completion.

      In the event the Contractor is able to achieve  Substantial  Completion on

      or prior to July 1, 2004, the Contractor  shall also receive an additional

      fee bonus of One Hundred Thousand Dollars ($100,000).

          In order for the  Contractor to earn the  additional  fee bonus of One

      Hundred  Thousand  Dollars  ($100,000),  Substantial  Completion  must  be

      achieved  by July 1,  2004,  without  regards  to any  adjustments  of the

      Contract Time as provided in the Contract.

ARTICLE 5      BASIS FOR PAYMENT

5.1   CONTRACT SUM

5.1            Contract Sum

      5.1.1 The Owner shall pay the Contractor the Contract Swan in current fund

      for the Contractor's  performance of the Contract. The Contract Sum is the

      Cost of the  Work as defined  in  Article  7 plus  the  Contractor's  Lump

      Sum Phase I Pre-Construction  Services Fee, Lump Sum Phase II Construction

      Services  Fee,  and Lump Sum General  Conditions,  which  Contract  Sum is

      limited to the provisions of Article 5.2

      5.1.2 The Lump Sum amount  for Phase I  Pre-Construction  Services  is One

      Hundred Three Thousand Dollars ($103,000).

      5.1.3 The Lump Sum amount for Phase II Construction Phase Fee and Lump Sum

      General Conditions is Six Hundred Twenty-four Thousand Dollars ($624,000).

      5.1.4 The  General  Conditions  included  within the Lump Sum for Phase II

      Construction  Phase Services include all staffing costs,  both Home office

      and field;  all staff  related costs such as taxes,  insurance,  benefits,

      travel  and  relocation  expenses;  all field  office  expenses  including

      consumables, office equipment, office rental, printing, telephone and

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      other  office  related  expenses;  all cost for  insurance  required to be

      provided  by the  Contractor;  Home office  expenses of any kind;  and any

      costs  associated with the Contractor  providing a Corporate  Guarantee of

      Completion to the Owner.

      5.1.5 In the event the Cost of Work plus the Lump Sum  amounts for Phase 1

      and Phase II Fee sad Lump Sum  General  Conditions  are less than the GMP,

      the savings shall revert one hundred percent (100%) to the Owner.

5.2            GUARANTEED MAXIMUM PRICE

      5.2.1  The Sum of the Cost of the Work and the  Contractor's  Lump Sum for

      Phase I and Phase 11 Services and General Conditions will be guaranteed by

      the  Conttactor  not to  exceed  the sum as set forth on  Amendment  No 1,

      subject to additions  and  deductions  by Change Orders as provided in the

      Contract  Documents.  Such  maximum  sum is  referred  to in the  Contract

      Documents as the  Guaranteed  Maximum  Price.  ("GMP").  Costs which would

      cause the  Guaranteed  Maximum  Price to be exceeded  shall be paid by the

      Contractor without reimbursement by the Owner.

      5.2.2 The Guaranteed  Maximum Price is based on the Contract Documents and

      Amendment  No.  1  which   describes  any   assumptions,   qualifications,

      exclusions and allowances.

      5.2.3 In providing the GMP, the Contractor  acknowledges that the Drawings

      and  Specifications  are  incomplete,  and the Contractor has  anticipated

      further  development by the Architect and its  consultants of the Drawings

      and  Specifications.  The  Contractor  has  provided  in the GMP for  such

      further  development  consistent with the intent of the Contract Documents

      ensuring  that  the Work is  complete  and  fully  operational  for  their

      intended  beneficial  use and  occupancy in  accordance  with the Contract

      Documents.

ARTICLE 6      CHANGES IN THE WORK

      6.1  Adjustments to the Guaranteed  Maximum Price on account of changes im

      the Work may be  determined by any of the methods  listed in  Subparagraph

      7.3.3 of AIA Document A201-1997.

      6.2 In calculating  adjustments to subcontracts (except those awarded with

      the  Owner's  prior  consent  on the basis of cost plus a fee),  the terms

      "cost" and "fee" as used in Clause  7.3.3.3 of AIA Document  A201-1997 and

      the terms "costs" and "a reasonable  allowance for overhead and profit" as

      used in  Subparagraph  7.3.6  of AIA  Document  A201-1997  shall  have the

      meanings  assigned  to them in AIA  Document  A201-1997  and  shall not be

      modified  by  Articles  5,  7  and 8 of  this  Agreement.  Adjustments  to

      subcontractors awarded with the Owner's prior consent on the basis of cost

      plus a fee  shall be  calculated  in  accordance  with the  terms of those

      subcontracts.

      6.3 In calculating  adjustments to the Guaranteed Maximum Price, the terms

      "cost"  and  "costs"  as used in the  above-referenced  provisions  of AIA

      Document A201-1997 shall mean the Cost of the Work as defined in Article 7

      of this  Agreement  and the terms "fee" and "a  reasonable  allowance  for

      overhead  and  profit"  shall  mean the  Contractor's  Fee as  defined  in

      Subparagraph 5.1.2 and 5.1.3 of this Agreement.

      6.4 For a change  in the  Work,  the  Contractor  shall be  entitled  to a

      mark-up  of five  (5%)  percent  of the cost of the  Change  for  Phase II

      Construction   Service  Fee  and  five   percent  (5%)  Lump  Sum  General

      Conditions.

      ___________ Cost of Change              Percent of Cost of Change Increase

                                              ----------------------------------

                 $  0 - $ 50,000                          10%

                 $ 50 - $100,000                           8%

                 $100 - $500,000                           6%

                 $ over $500,000                           4%

                                       4

      6.5 For a change in the Work, the  Subcontractors of the Contractors shall

      be limited to a mark-up of ten (10%) on the coat of work  performed by the

      Subcontractors for overhead and profit and a mark-up of five (5%) for work

      performed  by a  sub-subcontractor.  The  sub-subcontractor  shall also be

      limited to a ten (10%)  percent  mark-up on the cost of work  performed by

      the  sub-subcontractor for overhead and profit. In no event shall there be

      more than two tiers of mark-up allowed.

ARTICLE 7      COSTS TO BE REIMBURSED

      7.1 COST OF THE WORK

      The term Cost of the Work  shall mean costs  necessarily  incurred  by the

      Contractor in the proper  performance of the Work.  Such costs shall be at

      rates not higher than the standard paid at the place of the Project except

      with prior  consent of the Owner.  The Cost of the Work shall include only

      the items set forth in this Article 7.

     7.2 LABOR COSTS

      7.2.1 Wages of construction workers directly employed by the Contractor to

      perform  the  construction  of the Work at the site or,  with the  Owner's

      approval, at off-site workkhops subject to the Provisions of Article 5.

      7.2.2 Wages or salaries of the Coatractor's supervisory and administrative

      personnel  stationed  at the site or office  but only for that  portion of

      their time required for the Work subject to the Provisions of Article 5.

      7.2.3 Wages and salaries of the Contractor's supervisory or administrative

      personnel engaged,  at factories,  workshops or on the road, in expediting

      the production or  transportation  of materials or equipment  required for

      the Work,  but only for that  portion of their time  required for the Work

      subject to the Provisions of Article 5.

      7.2.4  Costs  paid or incurred by the  Contractor  for  taxes,  insurance,

      contributions,  assessments  and  benefits  required by law or  collective

      bargaining  agreements and, for personnel not covered by such  agreements,

      customary  benefits  such as sick  leave,  medical  and  health  benefits,

      holidays,  vacations and pensions,  provided such costs are based on wages

      and salaries  included in the Cost of the Work under  Subparagraphs  7.2.1

      through  7.2.3  subject to the  Provisions  of Article 5.

      7.3  SUBCONTRACT COSTS

      7.3.1 Payments made by the Contractor to Subcontractors in accordance with

      the requirements of the subcontracts.

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      7.4  COSTS  OF  MATERIALS  AND  EQUIPMENT  INCORPORATED  IN THE  COMPLETED

      CONSTRUCTION

      7.4.1  Costs,  including  transportation  and storage,  of  materials  and

      equipment   incorporated   or  to  be   incorporated   in  the   completed

      construction.

      7.4.2 Costs of materials described in the preceding  Subparagraph 7.4.1 in

      excess  of those  actually  installed  to allow for  reasonable  waste and

      spoilage.  Unused  excess  materials,  if any,  shall  become the  Owner's

      property at the completion of the Work.

      7.5 COSTS OF OTHER  MATERIALS AND  EQUIPMENT,  TEMPORARY  FACILITIES  AND

      RELATED ITEMS

      7.5.1  Costs,   including   transportation   and  storage,   installation,

      maintenance,  dismantling  and removal of materials,  supplies,  temporary

      facilities,  machinery, equipment, and hand tools not customarily owned by

      construction  workers, that are provided by the Contractor at the site and

      fully  consumed in the  performance of the Work; and cost of such items if

      not fully consumed,  whether sold to others or retained by the Contractor.

      Cost for items  previously  used by the Contractor  shall mean fair market

      value subject to the Provisions of Article 5.

      7.5.2 Rental charges for temporary facilities,  machinery,  equipment, and

      hand tools not customarily owned by construction workers that are provided

      by the  Contractor  at the site,  whether  rented from the  Contractor  or

      others,  and costs of  transportation,  installation,  minor  repairs  and

      replacements,  dismantling  and removal  thereof.  Rates and quantities of

      equipment rented shall be subject to the Owner's prior approval subject to

      the  Provisions  of Article 5.

      7.5.3 Costs of removal of debris from the site.

      7.5.4  Costs  of  document  reproductions,   facsimile  transmissions  and

      long-distance  telephone  calls,  postage  and  parcel  delivery  charges,

      telephone  service at the site and  reasonable  petty cash expenses of the

      site office subject to the Provisions of Article 5.

      7.5.5  That  portion  of  the  reasonable  expenses  of  the  Contractor's

      personnel  incurred while traveling in discharge of duties  connected with

      the Work subject to the Provisions of Article 5.

      7.5.6 Costs of materials and equipment  suitably  stored off the site at a

      mutually acceptable location, if approved in advance by the Owner.

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      7.6 MISCELLANEOUS COSTS

      7.6.1 That portion of  insurance  and bond  premiums  that can be directly

      attributed to this Contract subject to the Provisions of Article 5.

      7.6.2 Sales, use or similar taxes imposed by a governmental authority that

      are related to the Work.

      7.6.3 Fees and  assessments for the building permit and for other permits,

      licenses  and  inspections  for which the  Contractor  is  required by the

      Contract Documents to pay.

      7.6.4 Fees of laboratories  for tests required by the Contract  Documents,

      except  those  related  to  defective  or  nonconforming  Work  for  which

      reimbursement is excluded by Subparagraph 13.5.3 of AIA Document A201-1997

      or other  provisions  of the  Contract  Documents,  and  which do not fall

      within the scope of Subparagraph 7.7.3.

      7.6.5 Royalties and license fees paid for the use of a particular  design,

      process  or  product  required  by the  Contract  Documents;  the  cost of

      defending  suits or claims for  infringement of patent rights arising from

      such  requirement  of  the  Contract  Documents;   and  payments  made  in

      accordance with legal judgments against the Contractor resulting from such

      suits or claims and payments of settlements made with the Owner's consent.

      However,  such, costs of legal defenses,  judgments and settlements  shall

      not be included in the calculation of the  Contractor's  Fee or subject to

      the  Guaranteed  Maximum  Price.  If such  royalties,  fees and  costs are

      excluded  by the last  sentence  of  Subparagraph  3.17.1 of AIA  Document

      A201-1997 or other provisions of the Contract  Documents,  then they shall

      not be included in the Cost of the Work.

      7.6.6 Data processing  costs related to the Work subject to the Provisions

      of Article 5.

      7.6.7 Deposits lost for causes other than the  Contractor's  negligence or

      failure to fulfill a specific  responsibility to the Owner as set forth in

      the Contract Documents.

      7.6.8 Legal,  mediation and arbitration costs,  including attorneys' fees,

      other than those arising from disputes  between the Owner and  Contractor,

      reasonably  incurred by the Contractor in the  performance of the Work and

      with the Owner's  prior  written  approval;  which  approval  shall not be

      unreasonably withheld.

      7.6.9  Expenses  incurred in  accordance  with the  Contractor's  standard

      personnel  policy  for  relocation  and  temporary  living  allowances  of

      personnel  required for the Work,  if approved by the Owner subject to the

      Provisions of Article 5.

                                       7

      7.7 OTHER COSTS AND EMERGENCIES

      7.7.1 Other costs  incurred in the  performance  of the Work if and to the

      extent approved in advance in writing by the Owner.

      7.7.2  Costs  due to  emergencies  incurred  in taking  action to  prevent

      threatened  damage,  injury or loss in case of an emergency  affecting the

      safety of persons  and  property,  as provided  in  Paragraph  10.6 of AlA

      Document A201-1997.

      7.7.3 Costs of repairing or correcting damaged or nonconforming Work shall

      be  paid  by  the   contractor  who  damaged  the  Work  or  performed  it

      incorrectly.

ARTICLE 8      COSTS NOT TO BE REIMBURSED

      8.1 The Cost of the Work shall not include:

      8.1.1  Salaries  and  other  compensation  of the  Contractor's  personnel

      stationed at the  Contractor's  principal office or offices other than the

      site office,  except as specifically  provided in Subparagraphs  7.2.2 and

      7.2.3 or as may be provided in Article 14.

      8.1.2 Expenses of the Contractor's principal office and offices other than

      the site office.

      8.1.3 Overhead and general expenses,  except as may be expressly  included

      in Article 7.

      8.1.4  The  Contractor's  capital  expenses,  including  interest  on  the

      Contractor's capital employed for the Work.

      8.1.5 Rental  costs of machinery  end  equipment,  except as  specifically

      provided in Subparagraph 7.5.2.

      8.1.6 Except as provided in Subparagraph  7.7.3 of this  Agreement,  costs

      due to the negligence or failure to fulfill a specific  responsibility  of

      the  Contractor,  Subcontractors  and  suppliers  or  anyone  directly  or

      indirectly  employed  by any of them or for whose  acts any of them may be

      liable.

      8.1.7 Any cost not reasonably inferable from those described in Article 7.

      8.1.8 Costs,  other than costs  included in Change Orders  approved by the

      Owner, that would cause the Guaranteed Maximum Price to be exceeded.

      8.1.9  Costs and  Expenses  as  defined  in  Article 5 that are  otherwise

      included in the Lump Sum Fee and General Conditions.

ARTICLE 9      DISCOUNTS, REBATES AND REFUNDS

      9.1 All  discounts,  rebates and refunds obtained by the Contractor  shall

      accrue to the Cost of the Work.

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ARTICLE 10     SUBCONTRACTS AND OTHER AGREEMENTS

      10.1 Those portions of the Work that the Contractor  does not  customarily

      perform with the  Contractor's  own  personnel  shall be  performed  under

      subcontracts or by other appropriate  agreements with the Contractor.  The

      Owner may designate  specific persons or entities from whom the Contractor

      shall obtain bids if they meet Contractor's qualification requirement. The

      Contractor  shall obtain bids from  Subcontractors  and from  suppliers of

      materials  or  equipment  fabricated  especially  for the Work  and  shall

      deliver such bids to the  Architect or Owner's  Representative.  The Owner

      shall  then  timely  determine  with the  Contractor  which  bids  will be

      accepted.  The Contractor shall not be required to contract with anyone to

      whom the Contractor has reasonable objection.

      10.2 If a specific  bidder  among  those whose bids are  delivered  by the

      Contractor  to the  Architect  (1) is  recommended  to  the  Owner  by the

      Contractor;  (2) is qualified to perform that portion of the Work; and (3)

      has  submitted a bid that  conforms  to the  requirements of the  Contract

      Documents without reservations or exceptions,  but the Owner requires that

      another bid be  accepted,  then the  Contractor  may require that a Change

      Order be issued to adjust the  Guaranteed  Maximum Price by the difference

      between  the bid of the person or entity  recommended  to the Owner by the

      Contractor and the amount of the subcontract or other  agreement  actually

      signed with the person or entity designated by the Owner.

      10.3  Subcontracts  or other  agreements  shall conform to the  applicable

      payment  provisions  of this  Agreement,  and shall not be  awarded on the

      basis of cost plus a fee without the prior consent of the Owner.

 ARTICLE 11    ACCOUNTING RECORDS

      The  Contractor  shall keep full and detailed  accounts and exercise  such

      controls as may be necessary for proper  financial  management  under this

      Contract,  and the accounting and control systems shall be satisfactory to

      the Owner. The Owner and the Owner's  accountants shall be afforded access

      to, and shall be permitted to audit and copy,  the  Contractor's  records,

      books, correspondence,  instructions,  drawings,  receipts,  subcontracts,

      purchase  orders,  vouchers,  memoranda  and other data  relating  to this

      Contract,  and the  Contractor  shall preserve these for a period of three

      years after final payment, or for such longer period as may be required by

      law.

 ARTICLE 12 PAYMENTS

      12.1  PROGRESS PAYMENTS

      12.1.1 Based upon  Applications for Payment  submitted to the Architect by

      the Contractor and Certificates  for Payment issued by the Architect,  the

      Owner shall make  progress  payments on account of the Contract Sum to the

      Contractor as provided below and elsewhere in the Conract  Documents.  The

      Fixed Fee and General  Conditions amounts shall be paid in accordance with

      the attached Schedule of Payments.

      12.1.2 The period  covered by each  Application  for Payment  shall be one

      calendar month ending on the last day of the month, or as follows:

      12.1.3  Provided  that an  Application  for  Payment  is  received  by the

      Architect  not later than the 1st day of the month,  the Owner  shall make

      payment  to the  Contractor  not later  than the 1st day of the  following

      month.  If an Application  for Payment is received by the Architect  after

      the application  date fixed above,  payment shell be made by the Owner not

      later  than 30 days  after the  Architect  receives  the  Application  for

      Payment.

      12.1.4  With  each  Application  for  Payment  starting  with  the  second

      application,  the Contractor shall submit a Release of Lien and Claim from

      each  subcontractor  or  vendor  that  payments  have  been  made from the

      Application  for Payment  requested  by the  Contractor  for the  previous

      month.  The  Release of Lien and Claim shall show the amount paid for Work

      performed and the retainage  balance due for that Work.  The submission of

      Release of Lien and Claim shall continue until final  application at which

      time the Contractor shall submit Final Release of Lien and Claim for every

      subcontractor  and vendor  subject to receipt of such Final  Payment.  The

      Contractor  shall submit with its  Application  for Payment each month its

      Release  of Lien and Claims for all  payments  received  as of the date of

      application  and  subject to receipt of the current  application  payment.

      Such Release of Lien and Claim forms shall be approved by the Owner.

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      12.1.5  Each  Application  for  Payment  shall be based on the most recent

      schedule of values  submitted by the  Contractor  in  accordance  with the

      Contract  Documents.  The  schedule of values  shall  allocate  the entire

      Guaranteed  Maximum Price among the various  portions of the Work,  except

      that the  Contractor's  Fee shall be shown as a single  separate item. The

      schedule of values  shall be prepared in such form and  supported  by sucb

      data to  substantiate  its accuracy as the  Architect  may  acquire.  This

      schedule,  unless  objected to by the Architect,  shall be used as a basis

      for reviewing the Contractor's Applications for Payment.

      12.1.6 Applications for Payment shall show the percentage of completion of

      each  portion  of the  Work as of the  end of the  period  covered  by the

      Application for Payment.

      12.1.7 Subject to other provisions of the Contact Documents, the amount of

      each progress  payment shall be computed  based on the AIA G 702/703 Forms

      without retainage, except as provided in Section 12.1.8 herein:

      The  Contractor's  Lump  Sum  Fee  shall  be paid on a  monthly  basis  in

      proportion  to the  Cost  of  Work  to be paid  each  month.  The  General

      Conditions  amount shall be paid in accordance  with a mutually  agreeable

      schedule.

      12.1.8 Upon the Owner's prior approval,  payments to Subcontractors  shall

      be subject to retainage of not less than ten percent (10%).  The Owner and

      the Contractor shall agree upon a mutually acceptable procedure for review

      and  approval of payments  and  retention  for  Subcontractors.  Retainage

      amount   shall  be  reduced  to  5%  upon   completion   of  50%  of  such

      Subcontractor's  work in strict compliance with the Contract Documents and

      the Contract Time.

      12.1.9 In taking acti