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8 <br /> Builder for the faithful performance of this Agreement,and the Design-Builder hereby agrees to <br /> 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 lump- <br /> sum General Conditions cost that is reviewable by the Owner at any time during the project. <br /> Should the GMP not be approved, the Design-Builder will be paid for services rendered for a <br /> sum not to exceed$28,000 for the Pre-Construction Services portion of the Work. Not later than <br /> the fifth (5th) day of each calendar month the Design-Builder shall submit to the Owner's <br /> Representative a Request for Payment for work done during the 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 done <br /> 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 Owner <br /> on or before the last business day of the month. Owner shall retain five percent (5%) <br /> (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(2%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-Builder <br /> has sufficient funds remaining on the Contract to complete the Work and <br /> 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 the <br /> Supplementary Conditions has been received by Owner. <br /> b. Should Owner reasonably determine that Design-Builder has failed to perform the Work related <br /> to a Request for Payment,Owner,at its discretion may provide the Design-Builder ten(10)days <br /> to cure the breach. Owner may withhold the accompanying payment without penalty until such <br /> time as Design-Builder cures the noticed breach. <br /> (i) Should Design-Builder 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 terminate <br /> this Agreement in writing, without penalty or incurring further obligation to Design- <br /> 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 />