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Contractor engaged by the Contractor in the performance of any work or services required <br /> of the Contractor under this Agreement, shall be considered employees or agents of the <br /> Contractor only and not of the Owner, and any and all claims that may or might arise under <br /> any workers compensation or other law or contract on behalf of said employees while so <br /> engaged shall be the sole obligation and responsibility of the Contractor. <br /> e. Contractor agrees that Contractor, its employees, agents and its subcontractors, if any, shall <br /> be required to comply with all federal, state and local antidiscrimination laws, regulations <br /> and policies that relate to the performance of Contractor's services under this Agreement. <br /> f. If activities related to the performance of this Agreement require specific licenses, <br /> certifications, or related credentials Contractor represents that it and/or its employees, <br /> agents and subcontractors engaged in such activities possess such licenses, certifications, <br /> or credentials and that such licenses certifications, or credentials are current, active, and <br /> not in a state of suspension or revocation. <br /> 5. PAYMENT & TAXES <br /> a. The Owner hereby agrees to pay to the Contractor for the faithful performance of this <br /> Agreement, and the Contractor hereby agrees to perform all of the Work for a sum not-to- <br /> exceed eight hundred two thousand, four hundred seventy Dollars ($802,470.00). Not <br /> later than the fifth (5th) day of each calendar month the Contractor shall submit to the <br /> Owner's Representative, generally the architect if an architect is retained on the Work, a <br /> Request for Payment for work done during the previous calendar month. <br /> i. The Request for Payment shall be in form of AIA Document G702-703 <br /> appropriately addressed to Owner's Representative at Corley, Redfoot Zack <br /> Architects, PO Box 2368, Chapel Hill, NC 27515-2368 and shall show <br /> substantially the value of work done during the previous calendar month. <br /> ii. The amount due for payment shall be ninety-five percent (95%) of the value of <br /> work completed since the last Request for Payment and this amount shall be paid <br /> by the Owner on or before the last business day of the month. Owner shall retain <br /> five percent(5%). <br /> 1. Upon Owner's Representative's certification that fifty percent (50%) of the <br /> Work has been satisfactorily completed on schedule, retainage may be <br /> reduced to zero percent (0%) with the approval of the Owner and with <br /> written consent of the surety. This retainage will be waived only as long as <br /> work continues to be completed satisfactorily and on schedule. <br /> iii. Final payment shall not be due to the Contractor until thirty (30) days after one <br /> hundred percent (100%) of the Work, including punch list work, has been <br /> satisfactorily completed. <br /> b. Should Owner reasonably determine that Contractor has failed to perform the Work related <br /> to a Request for Payment, Owner, at its discretion may provide the Contractor twenty (20) <br /> days to cure the breach. Owner may withhold the accompanying payment without penalty <br /> until such time as Contractor cures the breach. <br /> i. Should Contractor or its representatives fail to cure the breach within twenty (20) <br /> days, or fail to reasonably agree to such modified schedule, Owner may <br /> immediately terminate this Agreement in writing, without penalty or incurring <br /> further obligation to Contractor. <br /> Revised September 2010 3 <br />