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20.6 No certificate of payment issued or progress payment made shall constitute an acceptance <br />of the Work or any part thereof. <br />20.7 The amount certified by the CM for payment shall be ninety percent (90%) of the value of <br />Work completed and materials stored since the CM's last certification as shown on the <br />Request for Payment, less any amounts not certified in accordance with paragraph 20.4, <br />and this amount shall be paid by the CM on or before the last business day of the month, <br />but payment shall not be past due if paid within fifteen (15) days thereafter. <br />20.8 If the Contractor's Work has progressed in accordance with the Master Schedule as of a <br />target date mutually agreed upon by the Owner, the Designer and the CM, and the <br />Contractor has provided to the CM the written consent of its sureties to the cessation of <br />further percentage retention, the amount certified for payment with respect to subsequent <br />Requests for Payment may, in the discretion of the CM, be one hundred percent (100%) of <br />the value of Work completed and materials stored since the CM's last certification as <br />shown on the Request for Payment, less any amounts not certified in accordance with <br />paragraph 20.4; provided, however, that the aggregate of periodic payments shall not <br />exceed ninety-five percent (95%} of the Contract Price. <br />ARTICLE 21. FINAL PAYMENT <br />21.1 Final Payment shall not be due to the Contractor until Final Completion. <br />21.2 Upon Substantial Completion, the CM in conjunction with the Designer shall prepare and <br />submit to the Contractor deficiency lists identifying all portions of the Work which are shown <br />at that time to be incomplete or defective. Within thirty (30) days of receipt of any deficiency <br />list, the Contractor shall complete and correct all items on that list along with all other Work <br />required to achieve Final Completion of the Work. At any time prior to completion of the <br />period of warranty, the CM may submit to the Contractor supplemental deficiency lists, in <br />which case the Contractor shall complete or correct any and all new items identified on the <br />supplemental deficiency lists within the time period stipulated in paragraph 18.3 of these <br />General Conditions. <br />21.3 The making and acceptance of Final Payment shall constitute a waiver of all claims by the <br />CM except: <br />a) Claims arising from unsettled liens or claims against the Contractor. <br />b) Defective Work or materials appearing after Final Payment. <br />c) Failure of the Contractor to perform the Work in accordance with the Contract <br />Documents. <br />d) As conditioned in the Performance Bond. <br />e) Claims made prior to Final Payment which remain unsettled. <br />Amounts due arising under Articles 18 and 28 of these General Conditions. <br />g) Claims for recovery of overpayment based upon incorrect measurement, estimate, <br />or certificate. <br />21.4 The making and acceptance of Final Payment shall constitute a waiver of all claims by the <br />Contractor except those claims previously made in writing pursuant to paragraph 15.2 of <br />these General Conditions and not finally resolved. <br />GENERAL CONDITIONS FOR CM AT RISK PROJECT 37 of 43 JUNE 2007 EDITION <br />