Orange County NC Website
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 1222 of the General Conditions and to satisfy other requirements, if any, which necessarily <br />survive final payment; and (2);1 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 />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 tine place where the Project is located. <br />(Insert rate of interest agreed ulxon, if atp•.) <br />(Usury laws and requirements tinder the Federal Trutb in Lending vier, similrtr state nod loca/ consumer credit later and other regidations at the Ou•reer'.c and <br />Cuntraclnr's principal places oJbus/nuss, the lucruirut oj[be l'rojert rnrd elsewhere tttay afyecj The ralielit p of ibis provision. Legr+l advice sboitld be oblaBU•d <br />wilb respect to deletions or mod1icatiolts, and also regarding requirements stab as wrinen disdnsures 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 Wort may be suspended by the Owner as provided in Article 14 of the General Conditions. <br />AIA DOCUMENT A101 • OWNER - CONTRACTOR AGREEMENT • TWELFTH EDI HON • AIA® • @1987 <br />THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 NEW YORK AVENUE, N.W., \VASHiNGTON, D - C. 20006 A101 -1987 5 <br />