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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, <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 One Hundred Seventy Eight Thousand, Seven Hundred and Eighty Four Dollars <br /> ($178,784.00). Not later than the fifth (5th) day of each calendar month the Contractor <br /> shall submit to the Owner's Representative, generally the architect if an architect is <br /> retained on the Work, a Request for Payment for work done during the previous calendar <br /> 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 Asset <br /> Management Services, 131 West Margaret Lane, Hillsborough,NC 27278; ATTN: <br /> Wayne Fenton 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 <br /> work completed since the last Request for Payment and this amount shall be paid <br /> by the Owner on or before the last business day of the month. Owner shall retain <br /> five percent (5%). <br /> 1. Upon Owner's Representative's certification that ninety percent (90%) of <br /> the 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 <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 9/13 3 <br />