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DocuSign Envelope ID: D3867B68- 8896- 4F81- AD20- BD4848A5FCD3 <br />or credentials and that such licenses certifications, or credentials are current, active, and <br />not in a state of suspension or revocation. <br />5. PAYMENT & TAXES <br />a. The Owner hereby agrees to pay to the Contractor for the faithful performance of this <br />Agreement, and the Contractor hereby agrees to perform all of the Work for a sum not -to- <br />exceed One Hundred Sixty One Thousand Two Hundred Ninety Eight Dollars <br />($161,298.00). Not later than the fifth (5th) day of each calendar month the Contractor <br />shall submit to the Owner's Representative, generally the architect if an architect is <br />retained on the Work, a Request for Payment for work done during the previous calendar <br />month. <br />i. The Request for Payment shall be in form of a standardized invoice or AIA <br />Document G702 -703 appropriately addressed to Owner's Representative at PO Box <br />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 <br />work completed since the last Request for Payment and this amount shall be paid <br />by the Owner on or before the last business day of the month. Owner shall retain <br />five percent (5 %). <br />1. Upon Owner's Representative's certification that ninety percent (90 %) of <br />the Work has been satisfactorily completed retainage may be discontinued. <br />Retainage may be discontinued, at Owner's Discretion, so long as work <br />continues to be completed satisfactorily and on schedule. <br />iii. Final payment shall not be due to the Contractor until thirty (30) days after one <br />hundred percent (100 %) of the Work, including punch list work, has been <br />satisfactorily completed and an appropriate affidavit as required in Section 7(c) <br />below has been received by Owner. <br />b. Should Owner reasonably determine that Contractor has failed to perform the Work related <br />to a Request for Payment, Owner, at its discretion may provide the Contractor ten (10) <br />days to cure the breach. Owner may withhold the accompanying payment without penalty <br />until such time as Contractor cures the breach. <br />i. Should Contractor 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 <br />terminate this Agreement in writing, without penalty or incurring further obligation <br />to Contractor. <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 />c. The Contractor has included in the Contract Price and shall pay all taxes assessed by any <br />authority on the Work or the labor and materials used therein. It shall be the Contractor's <br />responsibility to furnish the Owner documentary evidence showing the materials used and <br />sales and use tax paid by the Contractor and each of its subcontractors. <br />6. INSURANCE AND BONDS <br />a. Minimum requirements — Contractor shall obtain, at its sole expense, Commercial General <br />Liability Insurance, Automobile Insurance, Workers' Compensation Insurance, and any <br />additional insurance as may be required by Owner's Risk Manager as such insurance <br />requirements are described in the Orange County Risk Transfer Policy and Orange County <br />Revised 10/17 3 <br />