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40 <br /> <br />Revised 10/17 <br /> <br />ARTICLE 21. FINAL PAYMENT <br /> <br />21.1 If the Work of the Contractor is limited to demolition, pilings, caissons and/or structural <br />steel, the remaining unpaid balance of the Contractor’s Contract Price, less a sum equal to five- <br />tenths percent (0.5%) of the Contract Price, shall be paid within sixty days following receipt of <br />the following documents, all of which must be received before payment shall become due: (i) <br />request for payment from the Contractor; (ii) receipt of consent from the Contractor’s surety to <br />the payment; and (iii) approval or certification from the Designer that the work performed by the <br />Contractor is acceptable and in accordance with the Contract Documents. <br /> <br />21.2 Except as set forth in paragraph 21.1, within forty five days after Substantial Completion of <br />the Project, the remaining unpaid balance of the Contract Price shall be paid to the Contractor, <br />less an amount equal to two and one-half times the value of punch list work or other work <br />remaining to be completed or corrected, as reasonably estimated by the Owner. <br /> <br />21.3 Upon Substantial Completion, the Designer shall prepare and submit to the Contractor a <br />deficiency list identifying all portions of the Work which are known by the Designer at that time <br />to be incomplete or defective. Within thirty (30) days of receipt of this deficiency list, the <br />Contractor shall complete and correct all items on that list along with all other Work required to <br />achieve Final Completion of the Work. At any time prior to completion of the period of warranty, <br />the Designer may submit to the Contractor a supplemental deficiency list, in which case the <br />Contractor shall complete or correct any and all new items identified on the supplemental <br />deficiency list within the time period stipulated in paragraph 18.3. <br /> <br />21.4 Final Payment of any remaining balance of the Contract Price shall not be due to the <br />Contractor until the Contractor achieves Final Completion of the Project. <br /> <br />21.5 The making and acceptance of Final Payment shall constitute a waiver of all claims by the <br />Owner except: <br /> <br />a) Claims arising from unsettled liens or claims against the Contractor. <br /> <br />b) Defective Work or materials appearing after Final Payment. <br /> <br />c) Failure of the Contractor to perform the Work in accordance with the Contract Documents. <br /> <br />d) As conditioned in the Performance Bond. <br /> <br />e) Claims made prior to Final Payment which remain unsettled. <br /> <br />f) Amounts due arising under Articles 18 and 28. <br /> <br />g) Claims for recovery of overpayment based upon incorrect measurement, estimate, or <br />certificate. <br /> <br />21.6 The making and acceptance of Final Payment shall constitute a waiver of all claims by the <br />Contractor except those claims previously made in writing pursuant to paragraph 15.2 and <br />not finally resolved. <br /> <br />50