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Contractor shall be responsible to see that the finished Work complies accurately with the <br /> Contract Documents. <br /> h. The Contractor shall appoint a competent Project Manager with general authority to manage <br /> the Project for the Contractor. The Contractor shall also keep on the Project at all times during <br /> the Work of the Contractor a competent Resident Superintendent and necessary assistants who <br /> shall not be replaced without prior written approval by the Designer or by the Owner if a <br /> Designer is not retained for the Project. <br /> i. If, in the opinion of the Designer,any Subcontractor on the Project is incompetent or otherwise <br /> unsatisfactory, such Subcontractor shall be replaced by the Contractor with no increase in the <br /> Contract Price if and when directed by the Designer. <br /> j. The Contractor shall attend all progress conferences and all other meetings or conferences. <br /> The Contractor shall be represented at these progress conferences by a representative having <br /> the authority of the Project Manager and by such other representatives as the Designer may <br /> direct. <br /> k. Costs and expenses of providing samples for and assistance in any testing shall be borne by the <br /> Contractor. Any Work in which untested materials are used without approval or written <br /> permission of the Owner and/or Designer shall be removed and replaced at Contractor's <br /> expense. <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 Three Million Four Hunderd Thirty Two Thousand and One Hundred Forty Two <br /> Dollars ($3,432,142). Not later than the fifth (5th) day of each calendar month the Contractor <br /> shall submit to the Owner's Representative, generally the Designer if a Designer 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 Document <br /> G702-703 appropriately addressed to Owner's Representative at PO Box 17177 Chapel <br /> Hill, NC 27516-7177 and shall show substantially the value of work done during the <br /> 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%)(the "Retainage"). <br /> (1) Upon Owner's Representative's certification that fifty percent (50%) of the <br /> Work has been satisfactorily completed Retainage shall be reduced to two and <br /> one half percent(2%%). <br /> (2) 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 /> Revised 1/14 3 <br />