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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, agents <br /> and subcontractors engaged in such activities possess such licenses, certifications, or <br /> 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 One Hundred Eighty Four Thousand Three Hundred Forty Dollars($184,340.00). Not <br /> later than the fifth(5th) 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 Orange County, attn: <br /> Asset Management Services, PO Box 8181, Hillsborough NC 27278 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 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 /> Revised November 2011 3 <br />