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credentials and that such licenses certifications, or credentials are current, active, and not in a <br /> 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 Eighty Seven Thousand Ninety Two Dollars Dollars ($887,092.00). <br /> Not 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 /> L 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 PO 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°l0) 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 /> L 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 required <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 /> Revised November 2011 3 <br />