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7 <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 Six Hundred seventy Nine Thousand Three Hundred Twenty Six Dollars <br />($679,326). Not later than the fifth (5th) day of each calendar month the Contractor shall <br />submit to the Owner's Representative, generally the architect if an architect is retained on <br />the Work, a Request for Payment for work done during the previous calendar month. <br />i. The Request for Payment shall be in form of a standardized invoice or AIA <br />Document G702-703 appropriately addressed to Owner's Representative at Orange <br />County and shall show substantially the value of work done during the previous <br />calendar month. <br />ii. T-he amount due for payment shall be ninety percent (90%) of the value of work <br />completed since the last Request for Payment and t'us amount shall be paid by the <br />Owner on or before the last business day of the month. Owner shall retain ten <br />percent (10%). <br />1. Upon Owner's Representative's certification that seventy-five percent <br />(75%) of the Work has- been satisfactorily completed retainage shall be <br />reduced to five percent (5%). Retainage may be waived, at Owner's <br />Discretion, so long as work continues to be completed satisfactorily and on <br />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 and an appropriate affidavit as required in Section 7(c) <br />below has- been received by Owner. <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 ten (10) <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 ten (10) days, <br />or fail to reasonably agree to such modified schedule, Owner may immediately <br />terminate this Agreement in writing, without penalty or incurring further obligation <br />to Contractor. <br />ii. This section shall not be interpreted to limit the definition of breach to the failure to <br />perform the Work related to a Request for Payment. <br />c. The Contractor has included in the Contract Price and shall pay all taxes assessed by any <br />authority on the Work or the labor and materials used therein. It shall be the Contractor's <br />responsibility to furnish the Owner documentary evidence showing the materials used and <br />sales and use tax paid by the Contractor and each of its subcontractors. <br />6. INSURANCE AND BONDS <br />Revised December 2010 3 <br />