Orange County NC Website
ARTICLE 6 <br />FINAL PAYMENT <br />Final payment, constituting the entire unpaid balance of the Contract Sum, shall ix' niatic• by the Owner to tile Contractor whcn (I.) <br />the Contract has been fully performed by the Contractor except for the Contractor's responsibility w correct nonconforming <br />Work is provided in Subparagraph 12.2.2 Of the General Conditions and to satisfy order requirements, if ;tny, which necessarih- <br />survive final payment: and (2) a final Certificate for Payment has been it tiuc_d hV the wrchitrcc such final payment shall be mane hk- <br />the Owner not more than 30 days after the issuance of the Architect's final C:crtific:nle for Payment, or 'as folio s: <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 clue at the rate stated below, or in <br />the absence thereof, at the legal rate prevailing from time to time ar the place where the Project is located. <br />(Insert rate of interest agreed upon, if an)-.) <br />(11surp laws and requirements tinder the Federal Truth in Lending Act, similar state arid local cornsntrter credit Icrtvs tool other regulatiotc at the Ou.ner :s and <br />f.'Onntractnr•'s pritcipal places of husiness, the location of the Project and elsewhere may affect the vditiity of this provision. legal advice should he obtained <br />with respect to deletions or modifications, and also regarding r•equirennents such as nvrillert rlisclosna-es or waivers.) <br />7.3 Other provisions: <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 Condidons. <br />AIA DOCUMENT A101 • OWNER•CONTRAC 'OR ACiRF,E MFNT • TWELFTH EDITION • AIA41 • 01987 <br />THE. AMERICAN INSTITUTE OF ARCHITECTS, 1735 NEw YORK AVENUE, N.W., WASHINGTON, D.C. 24xxr6 AIO1 -1987 5 <br />