Orange County NC Website
Browse       Search
ARTICLE 6 <br /> FINAL PAYMENT <br /> Final payment,constituting the entire unpaid balance of the Contract Sum,shall be made by the Owner to the Contractor when(1) <br /> the Contract has been fully performed by the Contractor except for the Contractor's responsibility to correct nonconforming <br /> Work as provided in Subparagraph 12.2.2 of the General Conditions and to satisfy other requirements, if any, which necessarily <br /> survive final payment;and(2)a final Certificate for Payment has been issued by the Architect;such final payment shall be made by <br /> the Owner not more than 30 days after the issuance of the Architect's final Certificate for Payment, or as follows: <br /> (3) Issuance of Manufacturer' s Full . System Ten (1Q). Year' Warranty <br /> (4) Issuance of "Consent of Surety" <br /> (5 ) Issuance of "Release of Liens" <br /> • <br /> ARTICLE 7 <br /> MISCELLANEOUS PROVISIONS <br /> 7.1 Where reference is made in this Agreement to a provision of the General Conditions or another Contract Document,the ref- <br /> erence refers to that provision as amended or supplemented by other provisions of the Contract Documents. <br /> 7.2 Payments due and unpaid under the Contract shall bear interest from the date payment is due at the rate stated below,or in <br /> the absence thereof, at the legal rate prevailing from time to time at the place where the Project is located. <br /> (Insert rate of interest agreed upon, if any.) <br /> Prevailing Legal Rates <br /> • <br /> (Usury laws and requirements under the Federal Truth in Lending,4ct,similar state and local consumer credit laws and other regulations at the Owner's and <br /> Contractor's principal places of business,the location of the Project and elsewhere may affect the validity of this provision.Legal advice should he obtained <br /> with respect to deletions or modifications, and also regarding requirements such as written disclosures or waivers.) <br /> 7.3 Other provisions: <br /> None <br /> ARTICLE 8 <br /> TERMINATION OR SUSPENSION <br /> 8.1 The Contract may be terminated by the Owner or the Contractor as provided in Article 14 of the General Conditions. <br /> 8.2 The Work may be suspended by the Owner as provided in Article 14 of the General Conditions. <br /> MA DOCUMENT A101 • OWNER-CONTRACTOR AGREEMENT • TWELFTH EDITION • AL40 • ©198" <br /> THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 NEW YORK AVENUE,N.W.,WASHINGTON,D.C.201100 A101-1987 5 <br />