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DocuSign Envelope ID:865881 C3-FBC1-4A19-8098-B2B092F29435 <br /> 40 <br /> of the Contract, (except the value of materials stored on-site shall not exceed twenty percent <br /> (20%) of the Design-Builder's gross project invoices for the purpose of determining whether the <br /> Project is fifty percent (50%) complete) and the Design-Builder has provided to the Owner the <br /> written consent of its sureties to the cessation of further percentage retention, the amount <br /> certified for payment with respect to subsequent Requests for Payment shall be one hundred <br /> percent (100%) of the value of Work completed and materials stored since the Owner's <br /> Authorized Representative's last certification as shown on the Request for Payment, less any <br /> amounts not certified in accordance with paragraphs 19.4 and 19.5; provided, however, that the <br /> aggregate of periodic payments shall not exceed ninety-seven and one half percent (97.5%) of <br /> the Contract Price. If the Owner's Authorized Representative determines that the Design- <br /> Builder's performance under the Contract is unsatisfactory, the Owner may resume withholding <br /> percentage retention from each subsequent periodic payment application up to the maximum <br /> amount of five percent (5%) of the Contract Price. <br /> ARTICLE 20. FINAL PAYMENT <br /> 20.1 If the Work of the Design-Builder is limited to demolition, pilings, caissons and/or structural <br /> steel, the remaining unpaid balance of the Design-Builder's Contract Price, less a sum equal to <br /> five-tenths percent (0.5%) of the Contract Price, shall be paid within sixty (60) days following <br /> receipt of the following documents, all of which must be received before payment shall become <br /> due: (i) request for payment from the Design-Builder; (ii) receipt of consent from the Design- <br /> Builder's surety to the payment; and (iii) approval or certification from the Owner's Authorized <br /> Representative that the work performed by the Design-Builder is acceptable and in accordance <br /> with the Contract Documents. <br /> 20.2 Except as set forth in paragraph 20.1, within forty-five (45) days after Substantial <br /> Completion of the Project, the remaining unpaid balance of the Contract Price shall be paid to <br /> the Design-Builder, less an amount equal to two and one-half times the value of punch list work <br /> or other work remaining to be completed or corrected, as reasonably estimated by the Owner's <br /> Authorized Representative. <br /> 20.3 Upon Substantial Completion, the Owner's Authorized Representative shall prepare and <br /> submit to the Design-Builder a deficiency list identifying all portions of the Work which are <br /> known by the Owner's Authorized Representative at that time to be incomplete or defective. <br /> Within thirty (30) days of receipt of this deficiency list, the Design-Builder shall complete and <br /> correct all items on that list along with all other Work required to achieve Final Completion of the <br /> Work. At any time prior to completion of the period of warranty, the Owner's Authorized <br /> Representative may submit to the Design-Builder a supplemental deficiency list, in which case <br /> the Design-Builder shall complete or correct any and all new items identified on the <br /> supplemental deficiency list as items are required to be completed, repaired, and corrected in <br /> paragraph 17.3. <br /> 20.4 Final Payment of any remaining balance of the Contract Price shall not be due to the <br /> Design-Builder until the Design-Builder achieves Final Completion of the Project. <br /> 20.5 The making and acceptance of Final Payment shall constitute a waiver of all claims by the <br /> Owner except: <br /> a) Claims arising from unsettled liens or claims against the Design-Builder. <br /> Revised 2/17 <br />