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DocuSign Envelope ID:865881 C3-FBC1-4A19-8098-B2B092F29435 <br /> ($3,714,000). Should the GMP be approved. The Owner hereby agrees to pay the Design- <br /> Builder for the faithful performance of this Agreement, and the Design-Builder hereby agrees <br /> to perform all of the Construction Services Portion of the work for a sum not-to-exceed the <br /> approved GMP outlined within Exhibit 2. This GMP will stipulate a Design-Build Fee not-to- <br /> exceed Ten and one-half percent (10.5%) of the Cost of Work of the project and separate <br /> lump-sum General Conditions cost that is reviewable by the Owner at any time during the <br /> project. Should the GMP not be approved, the Design-Builder will be paid for services <br /> rendered for a sum not to exceed $28,000 for the Pre-Construction Services portion of the <br /> Work. Not later than the fifth (5th) day of each calendar month the Design-Builder shall <br /> submit to the Owner's Representative a Request for Payment for work done during the <br /> 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, PO <br /> Box 8181, Hillsborough, NC 27278 and shall show substantially the value of work <br /> 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%) (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 (21/2%). <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 sole discretion, so long as work <br /> continues to be completed satisfactorily and on schedule and the Design- <br /> Builder has sufficient funds remaining on the Contract to complete the Work <br /> and complete the Project. <br /> (iii) Final payment shall not be due to the Design-Builder until thirty (30) days after Final <br /> Completion of the Work, including any and all punch list work, has been satisfactorily <br /> completed and an appropriate Affidavit, Indemnification, and Release as required in <br /> the Supplementary Conditions has been received by Owner. <br /> b. Should Owner reasonably determine that Design-Builder has failed to perform the Work <br /> related to a Request for Payment, Owner, at its discretion may provide the Design-Builder ten <br /> (10) days to cure the breach. Owner may withhold the accompanying payment without penalty <br /> until such time as Design-Builder cures the noticed breach. <br /> (i) Should Design-Builder or its representatives fail to cure the breach within ten (10) <br /> days, or fail to reasonably agree to such modified schedule, Owner may immediately <br /> terminate this Agreement in writing, without penalty or incurring further obligation to <br /> Design-Builder. <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 /> Revised 6/16 4 <br />