Orange County NC Website
Browse       Search
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 One Hundred Nine Thousand Nine Hundred Dollars ($109,900). Not later than the <br />fifth (Sth) day of each calendar month the Contractor shall submit to the Owner's <br />Representative, generally the architect if an architect is retained on the Work, a Request for <br />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 Document <br />G702-703 appropriately addressed to Owner's Representative at P.O. Box 8181, <br />Hillsborough, NC 27278 and shall show substantially the value of work done during <br />the previous calendar month. <br />ii. The amount due for payment shall be ninety-five percent (95%) of the value of work <br />completed since the last Request for Payment and this amount shall be paid by the <br />Owner on or before the last business day of the month. Owner shall retain five percent <br />~5%)• <br />1. Upon Owner's Representative's certification that ninety percent (90%) of the <br />Work has been satisfactorily completed retainage may be discontinued. <br />Retainage may be discontinued, at Owner's Discretion, so long as work <br />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 hundred <br />percent (100%) of the Work, including punch list work, has been satisfactorily <br />completed and an appropriate affidavit as required in Section 7(c) below has been <br />received by Owner. <br />b. Should Owner reasonably determine that Contractor has failed to perform the Work related to <br />a Request for Payment, Owner, at its discretion may provide the Contractor ten (10) days to <br />cure the breach. Owner may withhold the accompanying payment without penalty until such <br />time as Contractor cures the breach. <br />i. Should Contractor or its representatives fail to cure the breach within ten (10) days, or <br />fail to reasonably agree to such modified schedule, Owner may immediately terminate <br />this Agreement in writing, without penalty or incurring further obligation to <br />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 />a. Minimum requirements - The Contractor shall obtain, at its sole expense, all insurance <br />required under this Agreement and the Contractor shall not commence work until such <br />insurance is in force nor shall the Contractor allow any Subcontractor to commence work on its <br />subcontract until all insurance required to be procured by Subcontractors hereunder has been <br />so obtained by or for the Subcontractor and evidence thereof submitted to Owner. All reyuired <br />insurance shall be procured from insurance companies licensed to do business in North <br />Carolina with a Best's Insurance Guide Rating of A- or better. Coverage for the following <br />types of insurance shall be maintained continuously during the life of the Project until Final <br />Completion of the Work. Coverages shall be maintained continuously during the life of the <br />Revised November 2011 3 <br />